Gold prices in India rose on Monday, October 26, 2026. According to local traders cited by The Times of India, 99.9% purity gold gained Rs 200 to Rs 1,46,300 per 10 grams in Delhi, up from a close of Rs 1,46,100 last Friday. The rise was supported by a weaker rupee and a modest recovery in overseas markets.
Silver in Delhi was unchanged at Rs 2,02,000 per kilogram, inclusive of all taxes, after three consecutive sessions of losses. The gains followed a sharp correction over the past week. On the Multi Commodity Exchange (MCX), December gold futures fell Rs 5,768, or nearly 4%, to close at around Rs 1.42 lakh per 10 grams, while silver futures shed Rs 15,087, or 7.14%, to settle at around Rs 1.96 lakh per kilogram, according to the report.
On the Comex, December gold futures declined $173.20, or 4.14%, over the same period to settle at $4,007.90 per ounce. Prices briefly fell to $3,989 on Friday before recovering above the $4,000 mark, as rising bond yields and a stronger dollar weighed on bullion. In international trading, spot gold rose 0.6% to $4,018.81 per ounce by 11:43 a.m.
EDT (15:43 GMT) on Monday, after touching $3,975 on Friday, its lowest level since July 20. US gold futures for December delivery rose 0.7% to $4,033.60 per ounce. Bullion had recorded a 4% weekly decline, its steepest since June, as elevated energy prices fuelled expectations of higher-for-longer interest rates.
The Federal Reserve is the central focus for the coming days. Crude oil prices retreated on Monday, easing inflation concerns ahead of the Fed's October 27-28 policy meeting. UBS analyst Giovanni Staunovo said the 4,000 level is seen by some as a buying opportunity, but that upside remains limited by concerns that the Fed could continue hiking rates in December and again next year, even if it holds rates steady this week.
The CME FedWatch Tool showed traders pricing in a 9% chance of a rate hike on Wednesday and an 80% chance of a hike in December. Higher rates increase the opportunity cost of holding non-yielding gold. The drivers of recent price moves are also debated.
Anindya Banerjee, Head of Commodities Research at Kotak Neo, told ANI that gold is currently being influenced more by economic factors than by its traditional role as a safe-haven asset. In the short term, he said, gold is responding mainly to changes in US real interest rates and the strength of the US dollar rather than to investor fears or global uncertainty. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, attributed a recent rise in spot gold to efforts by Gulf countries to revive US-Iran talks, even as Washington weighed fresh military options against Tehran.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said domestic prices advanced on Monday as weak crude oil rates, a steady US dollar and lower benchmark Treasury yields supported bullion. Looking ahead, analysts quoted in the report expect gold and silver in India to remain under pressure in the coming week, as surging crude prices fuel inflation concerns and strengthen expectations of higher-for-longer interest rates. Beyond the Fed, the focus includes policy decisions from the European Central Bank and the Bank of Japan, US durable goods orders, consumer confidence, Personal Consumption Expenditures inflation and third-quarter GDP data.
Silver prices, which were spot at $54.22 per ounce on Monday, are also being assessed. A report from HSBC Global Investment Research said the silver market recorded a deficit of 140 million ounces in 2025, forecast to narrow to 5 million ounces in 2026 before widening mildly to 12 million ounces in 2027. HSBC said prices are near equilibrium levels and may be supportive, but do not augur for robust rallies, as a firm US dollar and rising supply are likely to cap gains.
For context only, the same report noted that silver reached a record high of $121 per ounce on January 29, 2026, a level that is historical and not a current market price. Sources: The Times of India live coverage, October 26, 2026; MCX and Comex futures data as reported; spot price data as reported in the live coverage; CME FedWatch Tool; HSBC Global Investment Research; analyst comments from UBS, HDFC Securities, Mirae Asset Sharekhan and Kotak Neo (the latter via ANI); PTI for city-level rates.
Source: timesofindia.indiatimes.com