Thursday brought cheers to precious metal investors as gold and silver rates declined notably in India, creating an ideal window for accumulation. IBJA data shows 24-carat gold shedding Rs 986 per 10 grams to settle at Rs 1,58,022, previously Rs 1,59,008. 22-carat dipped to Rs 1,44,748 from Rs 1,45,651, and 18-carat to Rs 1,18,517 from Rs 1,19,256.
Silver outperformed in the downturn, crashing Rs 4,750/kg to Rs 2,60,667 after Rs 2,65,417. The association’s bi-daily pricing underscores the rapid shift in sentiment.
Domestic futures weakened too: MCX gold (April 2026) lost 1.25% to Rs 1,59,133, silver (March 2026) tumbled 3.45% to Rs 2,59,048. Global markets aligned, with Comex gold down 0.86% to $5,181/ounce and silver 4.71% lower at $86.70.
Key drivers include a firmer dollar index and thawing US-Iran relations via dialogue. As per LKP’s Jatin Trivedi, ‘Reduced geopolitical risks are curbing gold’s appeal, with support holding at Rs 1,58,000 and resistance at Rs 1,64,000.’ This reflects broader risk-on trading.
Retail jewellers anticipate heightened footfall, while analysts warn of potential rebounds if talks falter. For long-term holders, today’s levels offer value amid historical uptrends.