Gold and silver rebounded on October 15 after a sharp fall the day before, with Comex gold near $4,168 and silver near $56 as crude oil eased. Both metals remain well below their 2026 peaks.
Gold and Silver Prices on Comex and MCX
Gold and silver prices recovered on Thursday, October 15, supported by buying at lower levels and some easing in crude oil prices, according to Business Standard. The recovery followed a sharp fall in the previous session. The table shows the prices reported in morning trade.
| Contract | Price | Move |
| Comex gold futures | $4,168.10 per ounce | Up $60.20 |
| Comex silver futures | $56.10 per ounce | Up $0.23 |
| MCX December gold | About ₹1,47,400 per 10 gram | Opened ₹1,634 higher at ₹1,47,482 |
| MCX silver | About ₹2,09,000 per kg | Up ₹832 at ₹2,09,170 |
MCX gold had closed at ₹1,45,848 per 10 gram on Wednesday, according to India TV News. That means the opening price of ₹1,47,482 was ₹1,634 above the previous close. Later in the global session, spot gold was near $4,169 and spot silver near $57.31, up about 1.6% and 3.2% respectively, according to a Kitco report.
Why Gold and Silver Rebounded
Three factors were cited in the reports reviewed. First, buyers stepped in after the previous day’s decline. Second, crude oil eased after a five-day rally. WTI and Brent crude traded near $94 and $104 a barrel respectively on Thursday, according to Zee Business, after profit-taking and a technical correction.
Third, the US financial backdrop softened. Treasury yields fell and the US dollar weakened in late US trading, according to Kitco. Falling yields and a weaker dollar generally reduce the cost of holding gold, which pays no interest and is priced in dollars.
Business Standard’s Reuters-sourced oil report added context for the crude move. Oil retreated after WTI hit a three-week high, while attacks on shipping near the Strait of Hormuz kept supply concerns alive and Washington weighed easing sanctions on vessels to curb petroleum transport costs.
What Pushed Prices Down on Wednesday
The sharp fall on Wednesday was linked to inflation. Zee Business reported that expectations of stubbornly high inflation fuelled hopes of larger and more rate hikes than earlier anticipated. Asian markets were also hit on Thursday morning by hotter-than-expected US inflation, according to a Reuters report carried by Business Standard.
Higher interest rates tend to weigh on gold because they raise the opportunity cost of holding it. That link explains why inflation data and yields have been moving bullion sharply in recent sessions.
How Far Prices Are Below Their 2026 Highs
Despite the rebound, gold and silver remain far from their year-to-date peaks.
| Contract | Current price | 2026 high | Gap (calculated) |
| Comex gold | $4,168.10 | $5,586.20 | About 25% below |
| MCX gold | About ₹1,47,400 | ₹1,80,779 | About 18.5% below |
| MCX silver | ₹2,09,170 | ₹4,20,048 | About 50% below |
The gap percentages are calculated from the reported prices and highs. Comex silver was at $56.10 against a 2026 high of $121.79 according to a secondary source, which would put it about 54% below, though that high was not confirmed against exchange data.
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Levels Analysts Are Watching
Analysts quoted in the reports pointed to price zones that traders follow. Ponmudi R, CEO of Enrich Money, said MCX gold recovered from Wednesday’s decline but remained below the ₹1,48,000 to ₹1,48,600 zone, which has shifted from support to resistance. He added that gold was outperforming silver, mirroring the pattern in international markets.
According to Zee Business, MCX gold has support at ₹1,45,100 to ₹1,43,450 per 10 gram and resistance at ₹1,47,000 to ₹1,48,400. For Comex silver, support is placed at $54.40 to $53.00 an ounce and resistance at $57.40 to $59.10. Business Standard’s commodity report places MCX silver resistance at ₹2,15,890, with ₹2,23,440 as the next level above it. These are analysts’ technical views and not forecasts or recommendations.
What the Move Means for Indian Investors
MCX prices are quoted in rupees, so they reflect both the global gold price and the rupee exchange rate. A gold price in dollars can move one way while the rupee price moves differently if the currency shifts.
With the festive season under way, Business Standard compared gold ETFs and jewellery stocks for investors. Its comparison found that all the jewellery stocks included, except P N Gadgil Jewellers, had gained year to date, with Tribhovandas Bhimji Zaveri the top performer. Readers should treat commodity prices and equity prices as separate exposures with different risks.
The next signals for bullion are likely to come from crude oil, US inflation data and Treasury yields, the same factors that drove this week’s swings.
