In a dramatic market shift, gold and silver prices tumbled in India, providing significant relief to prospective buyers. Data from the India Bullion and Jewellers Association shows 24-carat gold declining by ₹4,123 to ₹1,52,502 for 10 grams, reversing from ₹1,56,625. Similarly, 22-carat gold stood at ₹1,39,692 (previously ₹1,44,873), and 18-carat at ₹1,14,377 (down from ₹1,18,619).
Silver experienced a steeper correction, falling ₹28,123 per kg to ₹2,54,339 from ₹2,82,462. The weakness permeated futures: MCX gold for April 2026 was down 1.13% at ₹1,51,318, and silver for March 2026 dropped 8.53% to ₹2,45,925.
International benchmarks weakened too, with spot gold at $4,887/oz (off 1.28%) and silver at $78/oz (down 7.42%). LKP Securities’ Jatin Trivedi observed sustained selling, leading to a $100/oz drop on Comex and about ₹1,000 on MCX.
‘Market focus shifts to US unemployment figures,’ Trivedi remarked. He identified $5,000/oz as a pivotal resistance level for gold, with downside protection at $4,700-$4,750/oz, potentially holding domestic gold near ₹1,48,000.
This plunge arrives as demand builds for cultural events, spurring buying interest. However, traders advise caution, citing global uncertainties like interest rate trajectories and geopolitical tensions. The event highlights precious metals’ role as volatile yet essential assets in portfolios.