In a welcome relief for gold and silver enthusiasts, domestic prices nosedived on Thursday, with silver leading the decline by nearly Rs 4,800 per kg. The India Bullion and Jewellers Association reported 24-carat gold easing Rs 986 to Rs 1,58,022 for 10 grams, after closing at Rs 1,59,008 the previous session. Lower purities saw similar corrections: 22-carat at Rs 1,44,748 (down from Rs 1,45,651) and 18-carat at Rs 1,18,517 (from Rs 1,19,256).
Silver’s plunge was steeper, dropping Rs 4,750 per kg to Rs 2,60,667, a level not seen recently amid bullish trends. These spot rates, issued by IBJA morning and evening, signal broader market softening.
MCX futures mirrored the trend, with gold April 2026 contracts falling 1.25% to Rs 1,59,133 and silver March 2026 declining 3.45% to Rs 2,59,048. Overseas, Comex showed gold off 0.86% at $5,181/oz and silver weaker by 4.71% at $86.70/oz as of report time.
A robust US dollar and progress in US-Iran negotiations have dimmed gold’s safe-haven allure. LKP Securities’ Jatin Trivedi explained, ‘Easing Middle East risks is shifting investor sentiment away from bullion towards equities.’ He identifies key levels: support at Rs 1,58,000 and resistance around Rs 1,64,000 for gold.
This correction could spur physical buying, especially with wedding and festival seasons looming. Traders remain cautious, eyeing Fed policies and currency movements for the next leg.