In a welcome development for precious metal enthusiasts, gold and silver prices nosedived sharply in Mumbai on Friday. The India Bullion and Jewellers Association reported 24-carat gold declining Rs 2,885 to Rs 1,52,765 per 10 grams from Rs 1,55,650. Lower purity options followed suit: 22-carat dropped to Rs 1,39,933 from Rs 1,42,575, and 18-carat fell to Rs 1,14,574 from Rs 1,16,738 per 10 grams.
Silver saw an even steeper fall, plummeting Rs 16,700 per kg to Rs 2,42,433, down from Rs 2,59,133. These spot prices, announced by IBJA at midday and evening, underscore a cooling domestic market.
Contrastingly, futures markets bucked the trend. Gold’s April 2026 contract advanced 0.70% to Rs 1,53,900, while silver’s March 2026 deal jumped 2.86% to Rs 2,43,200. Global cues remained bullish, with gold up 0.85% at $4,989/oz and silver rising 2.07% to $77/oz.
LKP Securities’ Jatin Trivedi analyzed the shift: Yesterday’s MCX gold rally followed a correction, with Rs 1,60,000 acting as resistance. A break below Rs 1,56,000 might push it towards Rs 1,51,000 support. All eyes are on US CPI data due later today, poised to influence Fed policy expectations and metal prices.
This price retreat could spur buying activity in physical markets, particularly for wedding and investment demand. Yet, with international strength and futures optimism, the dip might prove temporary. Buyers should monitor key levels closely for optimal entry points.