Precious metals came under pressure across Indian commodity markets on Monday, September 7, 2026, as a stronger-than-expected US employment report reshaped expectations around future Federal Reserve rate cuts and pushed American bond yields higher. The ripple effect was felt across both domestic futures and international spot prices.
MCX Gold and Silver Futures Slide
On the Multi Commodity Exchange (MCX), October gold futures opened with a gap-down move, starting the session at ₹1,52,279 per 10 grams before extending losses to an intraday low of ₹1,51,850.=The more actively traded December gold contract also slipped, shedding about 0.51% to hover near ₹1,53,372 per 10 grams across roughly 8,500 lots traded.
Chart-based indicators showed domestic gold still holding above its 50-day moving average, though an RSI reading near 47 pointed to fading upward momentum. Silver mirrored gold's weakness, with December futures opening lower and dipping to an intraday low of ₹2,36,827 per kg before recovering a small portion of the day's losses.
Key technical levels to watch:
Support: ₹1,50,000 – ₹1,50,700 per 10g (near the 100-day moving average)
Deeper support: ₹1,47,300 – ₹1,48,000 per 10g if selling pressure builds
Resistance: ₹1,53,700 – ₹1,54,000 per 10g on any recovery attempt
International Prices Mirror the Domestic Trend
The weakness on MCX lined up with a similar retreat abroad. COMEX gold in the US eased close to 0.90% to trade around $4,401.90 per troy ounce, while global spot gold shed about $32 to change hands near $4,393.97 an ounce, as traders recalibrated bets on the pace and timing of future rate cuts following the jobs data.
For consumers and retailers tracking physical rates, 24-carat gold was quoted at ₹1,54,300 per 10 grams in both Delhi and Mumbai, with Kolkata and Chennai trading marginally lower at ₹1,54,150. In the 22-carat segment, prices stood at ₹1,41,450 in Delhi, a comparatively firmer ₹1,43,600 in Mumbai, and ₹1,41,300 in both Kolkata and Chennai. Physical silver held steady at ₹2,50,000 per kg in Delhi, Mumbai, and Kolkata, while Chennai buyers faced a premium, paying ₹2,55,000 per kg for the metal.