Precious metal prices took a hit in domestic markets today, with gold slipping below 1.60 lakh rupees per 10 grams for the first time in recent sessions. The India Bullion and Jewellers Association data reveals 24-carat gold shed 1,835 rupees, closing at 1,58,751 rupees per 10 grams after hovering at 1,60,586 rupees previously.
Lower purity gold followed suit: 22-carat variant declined to 1,45,416 rupees from 1,47,097 rupees, and 18-carat gold reached 1,19,063 rupees down from 1,20,440 rupees per 10 grams. Silver, meanwhile, plummeted by 3,489 rupees to 2,60,723 rupees per kilogram, off from 2,64,212 rupees.
Futures on MCX were marginally positive, with gold for April 2026 up 0.05% at 1,59,757 rupees and silver for May 2026 gaining 0.30% to 2,62,990 rupees.
Global cues offered a contrasting picture, as Comex gold rose 0.28% to 5,093 dollars per ounce and silver increased 0.58% to 82.62 dollars.
‘LKP Securities’ Jatin Trivedi highlights gold’s consolidation on MCX between 1,59,500-1,60,000 rupees, aligned with Comex at 5,100 dollars. Investors are on edge for upcoming US jobs data, including non-farm payrolls and unemployment figures,’ he explained. Key support lies at 1,58,000 rupees, resistance at 1,62,000 rupees.
This pullback comes amid profit-booking after recent highs, influenced by dollar strength and equity market volatility. For consumers planning jewellery purchases, the dip spells relief, though experts advise monitoring geopolitical tensions that could reverse the trend swiftly. Domestic demand remains resilient, bolstered by wedding season anticipation.