Mumbai’s bullion market delivered a massive windfall for buyers on Thursday as gold and silver prices plummeted sharply. In a stunning drop, 24-carat gold fell by ₹4,123 to ₹1,52,502 per 10 grams, down from ₹1,56,625. This marks one of the steepest single-day declines in recent memory, offering huge savings for jewelry shoppers and investors alike.
The slide extended across purities. 22-carat gold shed value to ₹1,39,692 per 10 grams from ₹1,44,873, while 18-carat gold eased to ₹1,14,377 from ₹1,18,619. Silver saw an even more dramatic plunge, crashing ₹28,123 to ₹2,54,339 per kilogram, compared to the previous ₹2,82,462.
According to the India Bullion and Jewellers Association (IBJA), this correction reflects broader weakness in both spot and futures markets. On the Multi Commodity Exchange (MCX), gold for April 2026 contracts dipped 1.13% to ₹1,51,318, while silver for March 2026 tumbled 8.53% to ₹2,45,925.
Global cues amplified the downturn. International gold traded 1.28% lower at $4,887 per ounce, and silver nosedived 7.42% to $78 per ounce. Jatin Trivedi of LKP Securities noted session-long weakness, with Comex gold shedding $100 per ounce and MCX gold losing nearly ₹1,000.
‘Investors now eye US unemployment data and other economic indicators,’ Trivedi said. He highlighted $5,000 per ounce as a key resistance for gold on Comex, with support around $4,700-$4,750. Domestically, prices could stabilize near ₹1,48,000.
This price relief comes amid festive season anticipation, potentially boosting demand. Buyers are rushing to markets, but experts caution volatility ahead tied to global economic shifts. For now, it’s a golden opportunity for those planning weddings or investments.