Friday’s trading session delivered a rude shock to precious metals investors as gold and silver prices nosedived up to 10 percent in India. MCX data at 2:16 PM revealed a 4.70 percent slide in April 2026 gold to 175,307 rupees per 10 grams, while silver for March 2026 cratered 10.77 percent to 356,831 rupees per kilo.
The spot market echoed the futures meltdown. IBJA’s midday quotes showed 24-carat gold plummeting 6,865 rupees to 168,475 rupees per 10 grams from 175,340 rupees. Silver wholesale rates fell 22,825 rupees to 357,163 rupees per kilogram, down from 379,988 rupees.
Internationally, Comex gold dropped 4.07 percent to 5,137 dollars an ounce, and silver shed 9.28 percent to 103 dollars. Experts chalk this up to profit-taking following blockbuster returns—gold’s 80-plus percent gain and silver’s 220 percent surge over the last year, propelled by geopolitical volatility and US tariff escalations.
Adding context, the World Gold Council recently flagged that soaring prices might curb India’s jewelry consumption this year, shifting demand dynamics. Traders who rode the wave from pandemic lows to recent peaks are now locking in gains, triggering the cascade.
This correction could mark a healthy reset, potentially reigniting physical demand from price-sensitive buyers like wedding shoppers. However, with global risks like trade wars and monetary policy shifts in play, the road ahead for gold and silver remains unpredictable. Savvy investors are watching for support levels before re-entering the market.