Gold and silver prices witnessed a sharp decline on Friday, bringing significant relief to buyers after both precious metals recently touched record highs. The fall was visible across the Multi Commodity Exchange (MCX) as well as domestic bullion markets, marking one of the steepest single-day corrections in recent months.
On the MCX, silver prices slipped below ₹3 lakh per kilogram, while gold fell under the ₹1.50 lakh mark per 10 grams. The sudden drop came as a surprise to investors, given the strong rally seen earlier amid global economic uncertainties.
Sharp Correction from Record Highs
Gold has seen extreme volatility this year. Its highest level stood at ₹1,80,779 per 10 grams, while the lowest was ₹1,49,075 per 10 grams. From its peak, gold has now declined by nearly 17.5%, losing around ₹31,700 per 10 grams.
Silver recorded an even steeper fall. On Friday, it closed at ₹2,91,922 per kilogram on the MCX, compared to ₹4,20,048 a day earlier—reflecting a massive correction of nearly 30%.
Futures Market Sees Heavy Selling
In the futures segment, both metals suffered their biggest single-day fall in months. Silver futures dropped by about 17% to ₹3.32 lakh per kilogram, while gold futures declined by 9% to ₹1.54 lakh per 10 grams, indicating strong profit-booking by traders.
Latest IBJA Rates
According to the India Bullion and Jewellers Association (IBJA), prices released at 5 pm on Friday showed a steep decline over the last 24 hours:
- 24-carat gold: ₹1,65,795 per 10 grams (down ₹9,545)
- 23-carat gold: ₹1,65,131 per 10 grams
- 22-carat gold: ₹1,51,868 per 10 grams
- 18-carat gold: ₹1,24,346 per 10 grams
- 14-carat gold: ₹96,990 per 10 grams
Silver prices fell by ₹40,638 to ₹3,39,350 per kilogram.
City-wise Gold Prices
Gold prices varied slightly across major cities:
- Delhi & Lucknow:
- 24-carat: ₹1,69,350 per 10 grams
- 22-carat: ₹1,55,250 per 10 grams
- 18-carat: ₹1,27,050 per 10 grams
- Mumbai, Kolkata & Pune:
- 24-carat: ₹1,69,200 per 10 grams
- 22-carat: ₹1,55,100 per 10 grams
- 18-carat: ₹1,26,900 per 10 grams
- Chennai:
- 24-carat: ₹1,76,730 per 10 grams
- 22-carat: ₹1,62,000 per 10 grams
- 18-carat: ₹1,35,000 per 10 grams
Prices in cities such as Patna, Jaipur, Ahmedabad, Indore, Surat, Nagpur, Bengaluru, Vadodara, Bhubaneswar, Raipur, Kerala and Hyderabad remained largely in line with Mumbai and Kolkata.
What Triggered the Fall
Market experts attribute the decline to easing global uncertainties, a stronger dollar, and expectations of stability in international markets. Gold, which had surged as a safe-haven asset amid geopolitical and economic concerns, has now seen reduced demand as investor sentiment improves.
Impact on Investors
The sharp correction has come as a setback for investors who entered the market at higher levels. However, for buyers planning to purchase jewellery or make fresh investments, the decline may offer an opportunity, provided market volatility is carefully assessed.
As global cues continue to evolve, bullion prices are expected to remain volatile in the near term, keeping investors and buyers closely watchful.
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