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After touching all-time highs, gold and silver prices have seen a sharp fall across markets, bringing relief to jewellery buyers and investors amid global market shifts and profit booking.
After soaring to historic highs over the past few days, gold and silver prices have witnessed a sudden and sharp correction, bringing cheer to jewellery buyers and cautious optimism among investors. The unexpected fall comes after both precious metals touched record levels last week.
Market experts attribute the decline mainly to changes in the global market, fluctuations in the US dollar, and profit booking by international investors. With prices having climbed rapidly in a short span, many traders chose to lock in gains, leading to a noticeable correction.
On the Multi Commodity Exchange (MCX), gold prices dropped sharply by ₹20,323, or nearly 12%, bringing the price of 10 grams of gold down to ₹1,49,080. Just days earlier, on January 29, gold was trading at ₹1,69,403, highlighting the scale of the fall. Adding to the pressure, gold and silver exchange-traded funds (ETFs) also declined by nearly 23% on Friday.
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Silver witnessed an even steeper correction. By 11:55 pm, silver prices on MCX fell to ₹2,93,801 per kilogram, down from ₹3,99,893 on January 29. This marks a massive 26.53% fall in a single day, largely due to aggressive profit booking. On Friday alone, silver dropped by ₹40,638, while gold declined by ₹9,545.
According to the India Bullion and Jewellers Association (IBJA), silver prices eased further to ₹3,39,350 per kilogram, while 24-carat gold fell to ₹1,65,795 per 10 grams.
Prices continue to vary across major cities such as Bengaluru, Hyderabad, Chennai, and Delhi, depending on local taxes, transportation costs, and jewellery-making charges. Buyers are advised to check local rates before making purchases.
With the wedding season approaching, experts believe the current price dip offers a favourable opportunity for buyers. However, they caution that prices remain closely linked to global trends, and checking live rates before buying is essential.
