Prospective gold buyers in India can breathe a sigh of relief as prices edged lower on Wednesday, providing a brief respite from recent highs. Though the decline was limited, it comes at an opportune time for those planning weddings or investments.
The India Bullion and Jewellers Association reported that 24-carat gold declined 233 rupees to 1,59,008 rupees for 10 grams, compared to 1,59,241 rupees earlier. 22-carat gold slipped to 1,45,651 rupees per 10 grams from 1,45,865 rupees, and 18-carat stood at 1,19,256 rupees after a drop from 1,19,431 rupees.
Silver, however, bucked the trend with a robust gain of 2,505 rupees, hitting 2,65,417 rupees per kilogram from 2,62,912 rupees. This rally in silver contrasts sharply with gold’s softening.
Futures markets reflected mixed signals: MCX gold for April 2026 gained 0.51% to 1,60,791 rupees, and silver for March 2026 surged 2.31% to 2,66,756 rupees. Internationally, Comex spot gold rose 0.46% to 5,199 dollars per ounce, with silver leaping 3.40% to 90.48 dollars.
LKP Securities’ Jatin Trivedi highlighted recent MCX gold strength of 900 rupees, driven by safe-haven buying amid Iran-Israel tensions. Key support lies at 1,55,000 rupees, with resistance around 1,64,000 rupees.
Looking back, gold’s one-year performance stands at about 80% gains, dwarfed by silver’s over 180% surge. As global uncertainties persist, these metals remain investor favorites, but today’s dip could signal a buying window for cautious shoppers.