Gold and silver prices fall as rate hike fears and oil gains pressure metals
Gold and silver prices crashed on Monday as rising crude oil prices, higher bond yields, and expectations of another US Federal Reserve rate hike pressured precious metals. On the domestic market, MCX silver futures for September 2026 delivery fell Rs 6,661 to Rs 2,28,035 per kg, while gold futures for October 2026 delivery dropped Rs 3,214 to Rs 1,47,667 per 10 grams. Internationally, spot gold fell 1.5% to $4,223.95 per ounce, with silver down 2.6% to $62.64. The declines follow tensions involving the US, Israel, and Iran, with oil prices recovering over 1% after President Trump rejected an Iranian proposal. CME FedWatch data showed a 68.1% probability of a 25-basis-point rate hike at the Fed's October-end meeting. Gold prices in Indian cities ranged from Rs 15,017 to Rs 15,032 per gram for 24K purity.