Gold and silver prices witnessed a sharp correction on Monday after a strong rally had pushed the precious metals to elevated levels. The decline was visible in both the Indian futures market and international bullion markets, bringing some relief for people planning to purchase gold or silver while weighing on existing investors.

On the Multi Commodity Exchange (MCX), silver futures fell by nearly ₹6,000 per kilogram, while gold futures declined by more than ₹2,600 per 10 grams. The correction came after a prolonged upward move in precious metals, with profit booking around higher levels putting pressure on prices.

International gold and silver prices also traded lower, adding to the weakness seen in the domestic market.

Silver Futures Drop ₹5,932 on MCX

Silver recorded the steeper decline of the two precious metals. MCX silver futures were quoted at ₹2,28,764 per kilogram, down ₹5,932 from the previous level.

In percentage terms, this represented a decline of 2.53%.

During trading, silver touched a low of ₹2,28,035 per kilogram and climbed as high as ₹2,32,300 per kilogram, highlighting the volatility in the precious metal market.

Despite the latest correction, silver prices remain substantially higher than levels seen in previous years.

Gold Futures Fall More Than ₹2,600

Gold also came under selling pressure. The MCX gold futures contract for October 5, 2026 was quoted at ₹1,48,230 per 10 grams.

This represented a fall of ₹2,651, or 1.76%, compared with the previous price.

Gold moved within a wide range during the trading session. It touched an intraday low of ₹1,47,667 per 10 grams, while the session's high stood at ₹1,50,100.

The fall is significant for buyers tracking bullion prices after the strong rally, although actual jewellery prices can differ substantially from futures-market quotations.

Gold and Silver Rates According to IBA

According to rates cited from the Indian Bullion Association (IBA) for Monday, 24-carat gold was priced at ₹1,48,910 per 10 grams, while 22-carat gold stood at ₹1,36,501 per 10 grams.

The quoted price for 999-purity silver was ₹2,28,780 per kilogram.

Rates can vary across cities and sellers, so consumers should check the latest local price before making a purchase.

Gold Prices Across Major Indian Cities

Gold rates showed some variation across major cities.

In Mumbai, 24-carat gold was quoted at ₹1,48,580 per 10 grams, while 22-carat gold stood at ₹1,36,198. Delhi recorded prices of ₹1,48,320 for 24-carat gold and ₹1,35,960 for 22-carat gold.

In Bengaluru, the respective prices were ₹1,48,700 and ₹1,36,308 per 10 grams. Kolkata recorded ₹1,48,380 for 24-carat gold and ₹1,36,015 for 22-carat gold.

Hyderabad saw 24-carat gold at ₹1,48,810 and 22-carat gold at ₹1,36,409. Chennai recorded comparatively higher prices of ₹1,49,070 for 24-carat gold and ₹1,36,648 for 22-carat gold.

Consumers should remember that these indicative bullion rates are not necessarily the final amount charged at jewellery stores. GST, making charges and other applicable costs can increase the final purchase price.

Silver Rates in Mumbai, Delhi, Chennai and Other Cities

Silver prices also differed slightly between major cities. Mumbai recorded a price of ₹2,28,150 per kilogram, while Delhi's rate stood at ₹2,27,760.

Silver was quoted at ₹2,28,330 per kilogram in Bengaluru and ₹2,27,850 in Kolkata.

Hyderabad recorded ₹2,28,520 per kilogram, while Chennai had the highest price among the cities listed, at ₹2,29,030 per kilogram.

Gold and Silver Also Weaken in Global Markets

The decline was not limited to India. Precious metals faced selling pressure in overseas markets as well.

Spot gold fell 1.5% to $4,223.95 per ounce, according to the figures cited in the report. US gold futures were also down 1.5% at $4,257.90 per ounce.

Silver experienced a steeper fall internationally, with spot silver declining 2.6% to $62.64 per ounce.

Movements in international bullion prices can influence domestic rates alongside factors such as the rupee-dollar exchange rate, import-related costs and local demand.

Why Did Gold and Silver Prices Fall?

The latest decline came after a powerful rally in precious metals. When prices rise rapidly and approach record or elevated levels, some traders and investors may choose to book profits, which can lead to increased selling pressure.

Profit booking was cited as one factor behind Monday's correction. Weakness in international bullion markets also weighed on domestic futures prices.

However, a single day's fall does not necessarily establish a longer-term trend. Precious-metal prices can fluctuate sharply depending on global economic developments, interest-rate expectations, currency movements and investor demand.

Precious Metals Have Seen a Huge Rally

Despite Monday's decline, both metals have experienced substantial gains over a longer period.

According to the report, gold had risen by more than 75% over the previous year before the latest correction.

Silver has also recorded a dramatic increase. From around ₹78,600 per kilogram in 2023-24, silver had moved above ₹2.40 lakh per kilogram by September 2026 before the latest decline.

For consumers, the correction may reduce the immediate cost compared with recent highs. Investors, however, should keep in mind that gold and silver prices remain volatile and can move in either direction depending on domestic and global market conditions.