Friday brought relief to gold buyers as prices corrected sharply in New Delhi, with 24-carat gold falling below 1.60 lakh rupees per 10 grams. IBJA reports a steep 1,835-rupee drop to 1,58,751 rupees from 1,60,586 rupees. 22-carat gold eased to 1,45,416 rupees per 10 grams (from 1,47,097), and 18-carat to 1,19,063 rupees (previously 1,20,440).
Silver mirrored the decline, shedding 3,489 rupees to hit 2,60,723 rupees per kilogram against 2,64,212 rupees before.
On MCX futures, gold April 2026 contract nudged 0.05% higher to 1,59,757 rupees, silver May 2026 up 0.30% at 2,62,990 rupees, indicating stability.
Overseas, Comex spot gold gained 0.28% to 5,093 dollars/oz, silver up 0.58% to 82.62 dollars/oz.
Expert commentary from LKP’s Jatin Trivedi: ‘MCX gold oscillates 1,59,500-1,60,000 rupees, Comex near 5,100 dollars. Markets await US non-farm payrolls and unemployment data.’ Support at 1,58,000, resistance 1,62,000 rupees.
The sell-off reflects technical correction post-rally, tempered by safe-haven demand amid Middle East tensions and Fed policy watches. Retailers note increased footfall, with investors accumulating at lower levels. As global trade data and inflation prints approach, volatility may persist, making this an opportune moment for portfolio diversification into bullion.