Gold up 0.35% to Rs 1,38,975 per 10 gm on MCX, still well below January record

The bullion market reopened on Monday after a two-day break. After the fall in recent sessions, prices are showing signs of rising again today.

In early trade on the Multi Commodity Exchange (MCX), 24-carat gold futures rose 0.35 per cent, or Rs 490, to Rs 1,38,975 per 10 grams. The previous session closed at Rs 1,38,485 per 10 grams.

According to bullion data, 24-carat gold is at Rs 1,39,310 per 10 grams. In the international market, gold is recorded at $3,912.00 per ounce. According to the All India Sarafa Association, gold including all taxes and duties fell to Rs 1,42,000 per 10 grams in the capital, Delhi.

As per IBJA rates, 24-carat gold stood at Rs 137772 per 10 grams in the morning and Rs 137524 in the evening. The 22-carat rate was Rs 126199 in the morning and Rs 125990 in the evening. The 18-carat rate was Rs 103329 in the morning and Rs 103158 in the evening. The 14-carat rate was Rs 80597 in the morning and Rs 80463 in the evening. All these rates are per 10 grams.

In cities, the price of 24-carat gold today is Rs 139370 per 10 grams in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Sangli, Jalgaon and Chh. Sambhajinagar alike.

What is behind the fall? It is said to be mainly global economic factors and policy shifts. Crude oil prices have risen and there is concern over inflation. As a result, the stance of the world's major central banks, including the US Federal Reserve, has turned tougher, or "hawkish". Gold and silver pay no interest or regular returns. With the Federal Reserve signalling that interest rates will be kept high, investors have begun pulling money out of assets like gold and putting it into instruments that pay more interest.

The fall in tech shares has also had an effect. Tech and artificial intelligence (AI) shares fell sharply in stock markets around the world. This forced many large investors to sell gold and silver in large quantities to cover losses and raise cash. China, the world's biggest consumer of gold, also saw its investors sell a good deal of gold for cash. Silver is used not only in jewellery but also in solar panels and the electronics industry. With industrial demand slowing, silver saw heavier selling than gold.

How far have prices come down from the all-time high? The sudden slump has left the high records from the start of the year behind. In January this year, silver hit an all-time high of Rs 4,20,048 per kg. It has since fallen by more than 50 per cent from there. In 2025, silver gave returns of about 170 per cent. In January 2026, gold peaked at Rs 1,80,779 per 10 grams. Gold is now Rs 42,321 below that level and is trading at its lowest since March. According to IBJA data, the price of 24-carat gold has fallen to Rs 1,40,054.

Will the shine return to gold and silver in the domestic market? Despite the big difference in prices and the global fall, the coming period could bring relief for the Indian market. Festivals fall in November, with Dhanteras on November 6, followed by Diwali and the wedding season. In view of these, a big rise in demand for physical gold and jewellery is expected in the country. Several central banks around the world are still buying gold, which is giving these metals strong support. According to experts, precious metals could recover after the short-term shocks on the strength of domestic and industrial demand.