Gold and Silver Prices Today: MCX Trades Lower as Market Volatility Keeps Investors Alert
Gold and silver prices showed a slightly weaker trend on the Multi Commodity Exchange (MCX) on September 23, 2026, as traders assessed geopolitical developments, movements in the US dollar and changes across the broader commodity market. Market analysts expect volatility in precious metals to continue, with global developments likely to remain a major driver of prices in the near term.
At around noon, the MCX October gold futures contract was trading at approximately ₹1,52,349, down ₹367 or 0.24%. Silver was also marginally lower, with the December futures contract trading near ₹2,40,142 after falling ₹254, or about 0.11%.
Despite the intraday weakness, analysts believe gold and silver could continue to see significant price swings as investors react to international political and economic developments.
Gold May Remain in a Wide Trading RangeJatin Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, expects gold to remain volatile because of geopolitical factors. According to his market assessment, gold could move within a broad range of ₹1,51,000 to ₹1,54,500.
Gold has recently fluctuated between approximately ₹1,51,850 and ₹1,53,350. Lower crude oil prices have provided some support to the precious metal, while strength in the dollar index above the 100 level has created pressure.
A stronger US dollar can influence precious-metal prices because commodities such as gold are generally priced internationally in dollars. Currency movements, however, are only one of several factors affecting gold, alongside interest-rate expectations, geopolitical uncertainty and investor demand.
Market participants are also expected to closely track major international developments, including Donald Trump's UN speech, Xi Jinping's US visit and developments connected with the Strait of Hormuz. Any significant change in geopolitical conditions could contribute to further volatility in commodities.
What Is the Outlook for Silver?Silver is also expected to remain volatile.
N. S. Ramaswamy, Head of Commodity and CRM at Ventura, said international silver prices could broadly remain in the range of $63 to $75 per ounce, although substantial fluctuations may continue.
Changes in interest-rate expectations and the US dollar are among the factors currently influencing the metal. Silver can also respond to industrial demand, making its price movement different from gold at times.
The relatively narrow decline in MCX silver during midday trading indicates that traders continue to monitor global cues before taking larger positions.
Copper and Crude Oil Fall, Natural Gas Moves HigherThe weakness was not limited to precious metals. Several other commodities also recorded noticeable moves on MCX.
The September copper contract was trading around ₹1,409, down ₹6.50 or approximately 0.46%.
Crude oil witnessed a sharper decline. The October MCX crude oil contract was down ₹78, or around 0.90%, at approximately ₹8,566.
Natural gas, however, moved in the opposite direction. The September contract climbed ₹6.50, representing an increase of about 2.30%, to trade near ₹289.
The mixed performance across commodities highlights the different factors currently influencing energy products, industrial metals and precious metals.
Expert Shares Trading Levels for Gold and SilverAjay Kedia of Kedia Advisory has identified potential trading opportunities in both MCX gold and silver.
For the MCX October gold contract, his strategy is to consider buying near ₹1,52,000 with a stop-loss at ₹1,51,000 and a target of ₹1,54,000.
For MCX silver, the suggested buying level is around ₹2,39,000. The strategy carries a stop-loss of ₹2,37,000 and a target of ₹2,44,000.
These levels represent an individual market expert's trading view and should not be interpreted as guaranteed price targets. Commodity markets can move quickly, and prices may change sharply in response to domestic or international developments.
What Could Drive Gold and Silver Prices Next?The near-term direction of precious metals is likely to depend on a combination of geopolitical news, the dollar index, crude oil prices and expectations surrounding interest rates.
For gold, the ₹1,51,000-₹1,54,500 zone highlighted by analysts provides a broad range to watch. A significant movement outside this area could potentially indicate a change in short-term market momentum, although future price movements cannot be predicted with certainty.
Silver traders are similarly watching international prices, currency movements and broader economic signals.
With multiple global events in focus, investors and traders may continue to see sharp intraday movements in both metals. Anyone considering commodity futures should also keep in mind that leveraged trading can involve substantial risk.
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