In a welcome breather for investors and jewellers, gold and silver prices tumbled across Indian markets on Thursday. The India Bullion and Jewellers Association reported a steep Rs 1,672 decline in 24-carat gold, bringing it to Rs 1,55,650 for 10 grams from the prior Rs 1,57,322.
Lower purity options followed suit: 22-carat gold at Rs 1,42,575 per 10 grams (down from Rs 1,44,107) and 18-carat at Rs 1,16,738 (from Rs 1,17,992). Silver saw an even bigger plunge of Rs 7,316 per kilo, hitting Rs 2,59,133 against Rs 2,66,449 earlier.
These spot prices, issued by IBJA at 12 PM and 5 PM, mirrored weakness in futures. Gold’s April 2026 contract slipped 0.47% to Rs 1,58,055; silver’s March 2026 fell 1.83% to Rs 2,58,192.
International markets showed gold steady at $5,100/oz, silver softer near $83 with a 1% loss. LKP Securities’ Jatin Trivedi pointed to robust US non-farm payrolls as the trigger, weakening safe-haven demand. MCX gold support lies at Rs 1,56,000, resistance at Rs 1,60,000.
Traders are glued to upcoming US CPI figures due Friday evening, poised to influence rate cut bets and metal trajectories. This correction could lure bargain hunters, but volatility warns of quick rebounds in uncertain times.