Gold Rates Today Crash In India: Why Did MCX Gold Fall Below ₹1,50,000? Hits Near 7-Week Low, Check Key Reasons Behind It

Gold Rates Today In India: Precious metal prices in India have witnessed a massive fall from the wall of benchmark. The precious metal is witnessing a sharp intraday crash in India. The domestic gold futures market slipped below the key level of the ₹1,50,000 mark.

While we are wondering what has happened, the reason is evident. The sudden decline came with the surge in crude oil prices globally.

As US President Donald Trump has rejected the peace talks with Iran, the geopolitical conflict surrounding the Strait of Hormuz has escalated. This conflict has pushed crude oil prices to rise.

This whole incident has restarted the talk in the town about inflation. Investors are concerned now, expecting the US Federal Reserve may keep interest rates higher for longer or consider further hikes.

Since gold is a non-yielding asset, higher interest rates increase the opportunity cost of holding the precious metal.

Right now, as investors shift towards higher-yielding alternatives, gold faces selling pressure. This, in turn, is putting pressure on domestic gold as well.

Gold Falls to 7-Week Low as Oil Prices and US Treasury Yields Rise (September 29, 2026)

Gold prices extended their decline today on 29 September, with bullion falling to a seven-week low. All of this is happening due to growing pressure from higher crude oil costs and rising US Treasury yields.

Globally, gold was trading around $4,125 an ounce after tumbling nearly 4% in the previous session.

The reason behind the fall of gold and rise of crude oil is a stagnant discussion around the US-Iran peace deal. 

• US-Iran Tensions: Ongoing tensions over the Strait of Hormuz have pushed oil prices higher.

• Inflation Concerns: Rising oil prices have increased concerns about inflation and interest rates.

• Higher Treasury Yields: Rising US Treasury yields have reduced the appeal of gold, which does not generate interest.

• September Decline: Gold has fallen around 7% in September.

• Fed Rate Hike: The Federal Reserve raised interest rates and indicated that further hikes could be possible if inflation remains elevated.

Gold Rates September Trends

MCX Gold Rates Today: September 29, 2026

Gold prices remained under pressure on September 29, with MCX futures trading lower after a sharp decline in the previous session.

• October 5 Gold Futures: ₹1,46,513 per 10 grams

• December 4 Gold Futures: ₹1,48,844 per 10 grams

• Market Trend: Gold prices continued to trade near a seven-week low.

• Previous Session: MCX Gold fell by more than 2%, or over ₹3,200, in the previous trading session.

• Today’s Opening: The October contract opened around 0.12% lower.

• Resistance Level: Technical indicators point to immediate resistance near the ₹1,49,000 level.

Impact On Global And Domestic Gold Markets

The surge in crude oil prices has triggered a sharp crash globally in precious metals. Which further has triggered a massive sell-off across precious metals and exchange-traded funds (ETFs).

This has intensified market volatility and has added additional pressure on investor sentiment and precious metal prices.

Gold Rates Trends Across India Today

Today, the retail gold prices across India are witnessing a sharp single-day fall of over ₹2,500 per 10 grams.

Gold rates have declined to a seven-week low amid stalled geopolitical negotiations between the US and Iran. The fact that higher crude oil prices and rising US Treasury yields affect gold, here is the result, a global fall in its price.

Here are the 22K and 24K gold rates for 10 grams across 10 major cities on September 29, 2026, just for reference.