Friday’s trading session delivered a shock to precious metals enthusiasts as gold and silver prices collapsed by up to 10 percent across Indian exchanges. This marks a stark reversal from the metals’ meteoric rise over the past year.
At the MCX, the April 2026 gold contract was quoted at 1,75,307 rupees per 10 grams, reflecting a 4.70 percent decline by 2:16 PM. Silver for March 2026 fell even sharper, 10.77 percent to 3,56,831 rupees per kilogram.
Over-the-counter markets echoed the downturn. The IBJA reported 24-carat gold spot prices at 1,68,475 rupees per 10 grams, a reduction of 6,865 rupees from the prior 1,75,340 rupees. Silver spot eased 22,825 rupees to 3,57,163 rupees per kilogram, down from 3,79,988 rupees.
International pressures are at play, with Comex gold dipping 4.07 percent to 5,137 dollars per ounce and silver declining 9.28 percent to 103 dollars per ounce. Market veterans call it classic profit-taking: gold gained over 80 percent annually, silver over 220 percent, propelled by global instability and anticipated US tariffs.
Adding to the gloom, a World Gold Council report highlighted potential drops in Indian jewelry demand amid peak prices. As bourses stabilize, this dip could lure bargain hunters, but sustained global weakness might test support levels further. Investors should watch upcoming economic data closely for direction.