Gold and Silver Prices Decline on MCX as Crude Oil Strength Weighs on Precious Metals

Precious metal prices witnessed a decline on April 28, 2026, with gold and silver futures slipping on the Multi Commodity Exchange of India (MCX). Rising crude oil prices and global market cues have contributed to the downward trend, impacting both domestic and international bullion markets.

Gold Prices Fall on MCX Amid Market Pressure

Gold futures continued their downward trajectory in early trading on the Multi Commodity Exchange of India.

The June 5 gold contract opened slightly lower at Rs 1,51,700 per 10 grams, compared to the previous close of Rs 1,51,721. As the session progressed, prices dropped further, touching an intraday low of Rs 1,50,450. This marked a sharp decline of Rs 1,271, or approximately 0.83 percent.

At the latest recorded levels, gold was trading at around Rs 1,50,650, reflecting a decline of Rs 1,071 or 0.71 percent.

August Gold Futures Also Trade Lower

Weak Sentiment Continues in Forward Contracts

The bearish trend extended to longer-term contracts as well. Gold futures for August 2026 on the Multi Commodity Exchange of India were trading lower by Rs 1,051 or 0.68 percent.

These contracts were priced at approximately Rs 1,54,587 per 10 grams, with a business turnover of 1,413 lots recorded during the session. The continued decline across both near-term and long-term contracts indicates sustained weakness in investor sentiment.

Silver Prices Witness Sharp Decline

Steeper Losses Compared to Gold

Silver prices also followed a downward trend on the Multi Commodity Exchange of India, registering steeper losses compared to gold.

The May 5, 2026 silver futures contract opened at Rs 2,40,490 per kilogram, down from the previous close of Rs 2,41,824. This represented an initial decline of Rs 1,334 or 0.55 percent.

As trading progressed, silver prices dropped significantly, hitting a low of Rs 2,36,370 per kilogram. This marked a sharp fall of Rs 5,454, equivalent to a 2.25 percent decline.

The sharper drop in silver highlights its higher volatility compared to gold in response to market fluctuations.

Global Gold Prices Also Under Pressure

Weakness in International Markets

The decline in domestic gold prices mirrors trends in the global market. On the COMEX, gold prices fell by approximately 1.16 percent to around USD 4,639.1 per troy ounce.

Meanwhile, spot gold prices were recorded at approximately USD 4,629.15 per ounce, down by USD 50.50 or 1.08 percent during the day.

The global weakness in gold prices has contributed to the downward pressure on Indian markets, reflecting interconnected trading dynamics.

Impact of Rising Crude Oil Prices

Key Factor Influencing Precious Metals

One of the primary reasons behind the decline in gold and silver prices is the rise in crude oil prices.

Higher crude oil prices tend to:

• Increase inflationary pressures
• Strengthen the US dollar
• Shift investor focus toward energy markets

As a result, demand for safe-haven assets like gold often weakens in the short term, leading to price corrections.

Expert View on Gold Price Trends

Key Support and Resistance Levels

Market experts have outlined important technical levels for gold prices.

According to Ponmudi R, CEO of Enrich Money:

• A sustained move above Rs 1,52,000 could strengthen bullish momentum
• Prices may then rise toward Rs 1,53,000 and potentially reach Rs 1,55,000–Rs 1,56,000 levels
• These higher levels may face supply pressure

On the downside:

• A break below Rs 1,51,000 could trigger further profit booking
• Prices may decline toward Rs 1,49,000–Rs 1,48,000
• Extended weakness could push prices closer to Rs 1,45,000

These levels are crucial for traders and investors monitoring short-term price movements.

City-Wise Gold Prices in India

Gold Rates Across Major Metro Cities

Gold prices vary slightly across cities due to local taxes, demand, and logistics.

Delhi

In Delhi, 24-carat gold was priced at Rs 1,53,150 per 10 grams, while 22-carat gold stood at Rs 1,40,400 per 10 grams.

Mumbai

In Mumbai, 24-carat gold was available at Rs 1,53,000 per 10 grams. The price for 22-carat gold was Rs 1,40,250 per 10 grams.

Kolkata

In Kolkata, the 24-carat gold price was Rs 1,53,000 per 10 grams, while 22-carat gold was priced at Rs 1,40,250 per 10 grams.

Chennai

In Chennai, 24-carat gold was slightly higher at Rs 1,53,820 per 10 grams. The 22-carat gold rate was Rs 1,41,000 per 10 grams.

City-Wise Silver Prices in India

Silver Rates Remain Uniform Across Key Cities

Silver prices across major cities remained largely consistent, with minor regional variations.

Delhi

In Delhi, silver was priced at Rs 2,60,000 per kilogram.

Mumbai

In Mumbai, the price of silver was also Rs 2,60,000 per kilogram.

Kolkata

In Kolkata, silver prices stood at Rs 2,60,000 per kilogram.

Chennai

In Chennai, silver was slightly higher at Rs 2,65,000 per kilogram.

Market Outlook for Precious Metals

Volatility Likely to Continue

The current trend suggests that gold and silver prices may remain volatile in the near term due to:

• Fluctuations in crude oil prices
• Global economic uncertainty
• Currency movements
• Investor sentiment shifts

While short-term pressure persists, long-term demand for precious metals as a hedge against inflation and economic instability remains intact.

Conclusion

The decline in gold and silver prices on April 28, 2026, reflects broader market dynamics influenced by rising crude oil prices and global trends. While domestic futures on the Multi Commodity Exchange of India show weakness, international markets are also experiencing downward pressure. For investors, keeping an eye on key support and resistance levels, along with global economic indicators, will be crucial in navigating the current market environment.