Gold, Silver Rates Today (August 28): Gold Drops on MCX Amid Trump’s Tariffs, Silver Continues to Shine

Precious metal prices witnessed mixed trends on Thursday as gold prices dipped on the Multi Commodity Exchange (MCX), while silver maintained its upward momentum. The movement came in the backdrop of heightened global trade tensions after US President Donald Trump announced an additional 25% tariff on Indian goods, which rattled investor sentiment and prompted profit booking in the bullion market.

Gold Prices on MCX

The October 3 gold futures contract on the MCX opened weak, sliding by ₹92 to ₹1,01,450 per 10 grams compared to the previous close of ₹1,01,542. Soon after, it slipped further to an intraday low of ₹1,01,334 per 10 grams before staging a mild recovery. At last trade, gold stood at ₹1,01,470 per 10 grams, down by ₹72 or 0.07%. During the session, the yellow metal touched an intraday high of ₹1,01,542 but failed to sustain momentum amid profit-taking.

Analysts attribute the decline to two main factors – first, investor profit booking after a sharp rally in the past week, and second, concerns over Trump’s tariff decision, which has triggered fears of potential pressure on India’s exports and broader economic sentiment.

Silver Prices on MCX

In contrast, silver futures (September 5, 2025 maturity) began the session with a slight gain and quickly built momentum. The contract opened at ₹1,16,099 per kg, just ₹2 higher than the previous close, but soon surged to hit an intraday high of ₹1,16,690 per kg. Last seen, it was trading at ₹1,16,620 per kg, marking a gain of ₹523 or 0.45%.

Experts suggest that while gold is under pressure due to trade-related uncertainties, silver is benefiting from strong industrial demand, particularly in electronics and renewable energy sectors, which has helped prices remain buoyant.

Global Gold Market Trends

In the international market, gold prices showed a muted trend. COMEX gold was almost flat at USD 3,448.7 per troy ounce, while spot gold slipped slightly by 0.18% to USD 3,390.39 per ounce at 11:30 AM IST. Analysts note that global investors are closely monitoring US-China trade relations and the impact of Trump’s tariff measures on emerging markets like India.

Gold Prices in Major Indian Cities

• Delhi – 24-carat: ₹1,02,750 per 10g | 22-carat: ₹94,200 per 10g
• Mumbai – 24-carat: ₹1,02,600 per 10g | 22-carat: ₹94,050 per 10g
• Kolkata – 24-carat: ₹1,02,600 per 10g | 22-carat: ₹94,050 per 10g
• Chennai – 24-carat: ₹1,02,600 per 10g | 22-carat: ₹94,050 per 10g

Silver Prices in Key Cities

• Delhi – ₹1,20,000 per kg
• Mumbai – ₹1,20,000 per kg
• Kolkata – ₹1,20,000 per kg
• Chennai – ₹1,30,000 per kg

Outlook

While gold faces short-term resistance due to profit booking and global trade uncertainties, experts believe the long-term outlook remains positive, with demand expected to pick up during the upcoming festive season in India. Silver, on the other hand, is likely to see stronger momentum given its dual role as a precious and industrial metal.

Traders advise investors to watch for global cues, particularly US trade policies and the strength of the dollar, which will play a crucial role in shaping gold and silver trends in the coming weeks.