Indian gold and silver futures fell again Friday as rising oil prices, U.S. inflation and Treasury yields reinforced concerns that interest rates could stay high, increasing the opportunity cost of holding bullion.
Upstox historical quote pages updated at 1:59 p.m. ET (23:29 IST) list session lows of ₹192,149 per kilogram for the Multi Commodity Exchange of India’s (MCX) December 2026 silver contract and ₹141,334 per 10 grams for its gold contract, both expiring Dec. 4. An earlier report by Mint cited silver at ₹192,800 per kilogram, so the same-day readings differ.
Bullionworld’s archive lists Aug. 24 highs of ₹248,800 per kilogram for September 2026 silver and ₹164,773 per 10 grams for October 2026 gold. The December contracts’ Oct. 23 lows were about ₹56,700 and ₹23,400 below those marks, respectively. Because the expiries differ, these are approximate comparisons, not same-contract losses.
Brent crude finished Friday at $116.72 per barrel, up $3.55, or 3.14%, Reuters reported. The agency linked the move to supply concerns after Houthi attacks in Saudi Arabia and separately noted an oil spill off the United Arab Emirates.
September U.S. consumer prices rose 0.6% from August and 3.7% over 12 months, the Bureau of Labor Statistics (BLS) said. The BLS also reported a 1.3% monthly increase in its final-demand Producer Price Index, the largest since March 2022. The Treasury’s 10-year par yield reached 5.00% Friday, up from 4.96% Thursday.
Gold pays no interest, so higher yields can make income-bearing assets relatively more attractive. The Fed’s September minutes said geopolitical energy-price pressures could lift Treasury yields and market-implied policy rates. Hamad Hussain, a climate and commodities economist at Capital Economics, told Reuters, “The rise in oil prices could result in real interest rates remaining higher for longer.”
Reuters also cited Jim Wyckoff, a market analyst at American Gold Exchange, who said a technology-stock decline prompted margin calls that led some investors to sell gold and silver.
The Fed raised its target range by 25 basis points in September, to 3.75% to 4%, and is scheduled to meet Tuesday-Wednesday, Oct. 27-28. The Bureau of Economic Analysis has scheduled its September Personal Income and Outlays release, which includes the personal consumption expenditures (PCE) price index, for Thursday, Oct. 29, at 8:30 a.m. ET.
