Gold and Silver Futures Slip on MCX: September 21 Prices and Levels Analysts Are Watching
Gold and silver futures began the week lower on India’s Multi Commodity Exchange (MCX). At around 11:30 a.m. on Monday, September 21, 2026, the October gold contract was trading at ₹1,53,450 per 10 grams, down ₹931 or 0.60%. December silver futures stood at ₹2,39,800 per kilogram, a decline of ₹1,803 or 0.75%, according to the midday market report. These are time-specific futures quotes and will have changed as trading continued. Moneycontrol Hindi’s September 21 market report.
The decline came as traders weighed US interest rate expectations, the dollar and developments in the Middle East. International gold futures were near $4,400 per troy ounce
| MCX October gold | ₹1,53,450 per 10 grams | Down ₹931, or 0.60% |
| MCX December silver | ₹2,39,800 per kilogram | Down ₹1,803, or 0.75% |
These are futures prices, not jewellery shop rates. A buyer looking for coins or ornaments will encounter a different quote, which can reflect purity, local pricing, taxes and, for jewellery, making charges. The distinction matters when a sharp movement in MCX trading appears in a headline: it does not mean every retail seller has changed prices by the same amount.
Aamir Makda, a commodity and currency analyst at Choice Broking, said gold opened lower on MCX near ₹1,53,600 and briefly approached ₹1,53,000 in early trade. His technical reading identified ₹1,52,914 and ₹1,53,207 as levels to watch on the hourly chart. In his assessment, the market remained sensitive to geopolitical developments, crude oil and bond yields.
Kedia Advisory presented a different, more specific trading view. The firm suggested buying October gold futures around ₹1,53,000, with a ₹1,52,000 stop-loss and targets of ₹1,54,000–₹1,55,000. It gave a wider potential trading range of ₹1,51,285–₹1,56,145 for the day. These figures are the brokerage’s analysis, not guaranteed price levels. A stop-loss order is intended to limit a trader’s loss if the market moves against a position, though execution can depend on market conditions. Moneycontrol Hindi’s account of the analysts’ views.
The opposing pressures help explain the cautious start. Gold can attract buyers during geopolitical uncertainty, but higher interest rates can make interest-paying assets more appealing than the metal. Currency moves add another influence: when the US dollar strengthens, dollar-priced gold becomes more expensive for buyers using other currencies. No single factor determines the next move.
The same midday snapshot showed September copper futures up ₹3 to ₹1,406, while October crude oil futures fell ₹144 to ₹9,079. September natural gas futures were down ₹2.70 at ₹276.80. These moves show that weakness was not confined to precious metals, although copper was trading higher at the time of the report. Moneycontrol Hindi’s commodity market snapshot.
For readers following gold or silver today, the first question is whether they need a live futures quote or a local retail purchase price. For traders, the contract month and time of the quote are just as important as the headline number. The prices and analyst levels above describe the market around late Monday morning; they should be checked against current exchange data before any trading decision. MCX market data.