Gold traded higher on the Multi Commodity Exchange (MCX) on September 18, 2026, supported by a significant decline in crude oil prices. October gold futures rose 0.21% to ₹1,53,309 per 10 grams, while September silver futures advanced 0.55% to ₹2,39,522 per kilogram.
The fall in oil prices was notable: Brent crude futures dropped 1.06% to $103.7 per barrel, and US West Texas Intermediate (WTI) fell 1.08% to $100.8 per barrel. Lower oil prices generally ease inflation pressures and reduce the opportunity cost of holding non-interest-bearing assets like gold, which supported the precious metal.
Domestic Gold Prices
In the domestic market, 24K gold rose by ₹154 to ₹1,54,420 per 10 grams, while 22K gold gained ₹145 to ₹1,41,50. Prices varied across cities: Mumbai and Kolkata recorded ₹1,54,420, Delhi at ₹1,54,570, and Chennai at ₹1,53,590.
US Gold Prices
Internationally, spot gold inched up 0.57% to $4,336.64 per ounce on Friday, aided by a subdued US dollar and falling oil prices. US gold futures gained 0.14% to $4,405.75 per ounce. Other precious metals also advanced: spot silver rose 1.38% to $66.11, platinum gained 1.46% to $1,798.36, and palladium climbed 2.38% to $1,313.50.
Key Levels & Analyst Insight
According to Ahmad Assiri, research strategist at Pepperstone, the link between gold and oil could weaken if oil corrects sharply, easing inflation and rate-hike expectations, or if extreme geopolitical tensions force global recession measures. Goldman Sachs maintained its end-2027 gold price forecast at $5,400 despite recent Fed rate increases, stating that tighter policy may slow bullion’s rally but not derail it.
On MCX, gold has support at ₹1,51,650 and ₹1,50,500, with resistance at ₹1,53,800 and ₹1,55,000. For silver, support lies at ₹2,36,000 and ₹2,33,300, while resistance is at ₹2,40,400 and ₹2,43,000.
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