Gold Rates & Silver Rates Today (29/9/2026): What Is Impacting 24K, 22K, 18K Gold Prices On Tuesday?

Gold rates and silver rates in India are expected to be under pressure for the second day in a row this week as crude oil prices continue to record a strong uptrend after Iran rejected a peace proposal from the USA. The ongoing tensions in West Asia have created immense damage for both gold and silver, as they fall hard and break through the 61.8% and 50% Fibonacci retracement levels. Spot gold and spot silver touched their lowest levels in seven weeks, while MCX gold crashed below Rs 1.50 lakh mark and MCX silver erased its crucial Rs 2.30 lakh level. Physical golds like 24-carat, 22-carat, and 18-carat also witnessed steep selling pressure. What will impact gold and silver prices on September 29, 2026?

Spot Gold Price + Spot Silver Price

Spot gold is struggling near $4,100 per ounce in the early hours of Tuesday, after crashing by 4% in the previous session, due to stalled negotiations between US and Iran. This bullion is now at seven-week low and has plunged 7% on month-on-month basis.

Spot silver underperformed gold with around a 6% decline yesterday. It is currently trading around $60 per ounce.

"Costlier energy, resilient US data, and hawkish Fed rhetoric have lifted the dollar index above 101 and pushed the 10-year Treasury yield to 5.23%, its highest since 2007, raising the opportunity cost of holding non-yielding bullion," said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Meanwhile, KITCO report pointed out that gold has broken through its Fibonacci retracement levels. It explained for or gold futures the chart damage was severe, as the price sliced through both the 61.8% and 78.6% retracement levels of the August rally.

In fact, gold suffered its largest single-day decline since June 9th, closing $172 below Friday's close for a loss of 3.98%. Even more alarming was that gold closed only a few dollars off the low at $4,148, but the real picture of today's drop is much clearer on an hourly candlestick chart, said Kitco's report.

MCX Gold Price + MCX Silver Price

Overnight, MCX gold price erased its Rs 1.47 lakh mark to close at Rs 1,46,513 per 10 grams, down by 0.20%.

Meanwhile, MCX silver price dropped to as low as Rs 2,25,800 before pulling back to close around Rs 2,27,390 per 1 Kg.

Both MCX gold and silver have erased their crucial levels of Rs 1.50 lakh and Rs 2.30 lakh.

Gold Rates In India + Silver Rates In India

In the early hours of Tuesday, 24-carat, 22-carat, and 18-carat gold prices plunged by Rs 1 to Rs 100 across grams.

10 grams gold price is struggling at Rs 1,50,160 in 24-carat, at Rs 1,37,460 in 22-carat and at Rs 1,12,620 in 18-carat. Also, gold price stood at Rs 15,016 per gram for 24 karat gold (99.9% purity), Rs 13,764 per gram for 22 karat gold (91.6% purity), and Rs 11,262 per gram for 18 karat gold.

On the other hand, 1Kg silver price stood at Rs 2,39,900, at its lowest monthly level. 100 grams and 10 grams silver are priced at Rs 23,990 and Rs 2,399 respectively.

Gold has dropped by nearly 3% and silver price crashed over 4% in September so far.

Gold Rates & Silver Rates Outlook Today:

Oil prices resumed their advance as Iranian officials reportedly expressed doubt about reaching a deal before US midterm elections in November, following President Donald Trump's rejection of Tehran's latest proposal. Treasury yields climbed to fresh multi-year highs amid growing inflation concerns and expectations of further rate hikes, weighing on non-yielding metals. Markets are now pricing in roughly a 70% probability of a Fed rate increase in October, following the central bank's first rate hike in three years earlier this month. Attention now shifts to this week's US economic data, including Wednesday's PCE inflation report and Friday's nonfarm payrolls figures, for further clues on the policy outlook, as per Trading Economics.

Additionally, Kotak analyst highlighted that this week is packed with a busy line-up of Fed speakers and crucial macroeconomic indicators, offering the first real check on whether this aggressive hawkish repricing can withstand the upcoming key data checkpoints. The first major test arrives this Wednesday, September 30, with the release of the Core PCE Price Index, followed immediately by Friday's official U.S. labor report.

He added, "A hot inflation print followed by a second consecutive month of strong employment data would heavily solidify expectations for an October rate hike and could open the path toward $4,000 for gold, while silver may head for $56-$57 if it fails to reclaim the $61 level. Conversely, a precious metals rebound would likely need a combination of softer labor metrics, a more patient Fed tone, or diplomatic breakthroughs in West Asia that drag crude lower."

Expecting near-term trend to be bearish for gold and silver, N S Ramaswamy, Head of Commodity & CRM at Ventura has given the further target prices for both spot gold and MCX gold:

MCX Gold December: Trading near 149,427. Immediate resistance is placed at 151,000, 153,500 and 155,500, while support is seen at 148,000, 145,000 and 140,000.

COMEX Gold December: Trading near 4,194. Immediate resistance is placed at 4,260 and 4,350, while support is seen at 4,130, 4,050 and 4,000.

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