Gold and silver prices dropped sharply across multiple sessions through September 24, 2026, extending a four-day market decline. Written by Viral Raval and published on September 24, 2026, at 02:27 PM IST, reports detailed that IBJA and MCX on today saw both precious metals experience heavy volatility (Gold and silver prices have seen a decrease today as well. Heavy volatility was seen in both precious metals today on IBJA and MCX.
). The India Bullion and Jewellers Association reported substantial decreases in benchmark retail rates, while commodities trading on the Multi Commodity Exchange showed volatile downward pressure before showing modest intraday recovery signs in earlier sessions.
IBJA and MCX Track Sustained Precious Metals Drop
Precious metals faced prolonged selling pressure as gold prices plunged for the fourth day alongside a notable retreat in silver values (Gold and silver prices have seen a decrease for the fourth consecutive day
).
The Association publishes benchmark rates twice daily, and does not issue new rates on Saturdays, Sundays, and public holidays (The association announces prices twice a day and new prices are not announced on Saturdays, Sundays and public holidays
). These standard retail selling rates exclude making charges and goods and services tax (It is to be noted that making charges and GST are not included in these prices
).
Comparing Benchmark Rates and Futures Differentials
Retail association benchmarks and derivatives exchange quotes captured different segments of the market during the late-September correction.
| Metal and Metric | Previous Close | Updated Rate | Absolute Change |
| 24-Carat Gold (per 10g IBJA) | 152016 | 151163 | 853 |
| Silver (per kg IBJA) | 232766 | 230050 | 2716 |
| Gold Futures (MCX Oct 5) | Not reported | 150604 | -0.46 percent |
| Silver Futures (MCX Dec 4) | Not reported | 233375 | -1.07 percent |
Global Factors and Regional Pricing Variances
Commodity desks noted that dollar weakness and falling bond yields previously triggered brief recovery phases on the MCX before renewed selling established the four-day downward trend, with updates noting recovery driven by dollar weakness and falling yields (Recovery is being seen in gold and silver prices on MCX due to dollar weakness and decrease in yields
). Furthermore, festive demand and global factors will determine future market direction (Festival demand and global factors will determine the future direction
).
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