Mumbai buyers rejoice as gold and silver prices tumbled sharply on Thursday, offering a golden opportunity to invest in these precious metals at bargain rates. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold plunged by Rs 986 per 10 grams to Rs 1,58,022, down from Rs 1,59,008. This marks one of the most significant single-day drops in recent weeks, driven by easing global tensions.
22-carat gold followed suit, slipping from Rs 1,45,651 to Rs 1,44,748 per 10 grams, while 18-carat gold eased to Rs 1,18,517 from Rs 1,19,256. Silver prices crashed even more dramatically, falling Rs 4,750 per kilogram to Rs 2,60,667, previously at Rs 2,65,417. IBJA updates rates twice daily, reflecting real-time market shifts.
Futures markets echoed the spot decline. On the Multi Commodity Exchange (MCX), gold for April 2026 contracts dropped 1.25% to Rs 1,59,133, and silver for March 2026 shed 3.45% to Rs 2,59,048. Internationally, Comex gold traded 0.86% lower at $5,181 per ounce, with silver down 4.71% at $86.70.
Experts attribute the slide to a strengthening US dollar and de-escalating US-Iran tensions through ongoing talks. Jatin Trivedi of LKP Securities noted, ‘Risk appetite is returning as diplomatic efforts reduce geopolitical uncertainties, pressuring safe-haven assets like gold.’ He pegs gold support at Rs 1,58,000 and resistance near Rs 1,64,000.
For investors, this dip presents a strategic entry point ahead of festive seasons, but volatility remains. Market watchers advise monitoring dollar trends and global cues closely. With prices at multi-month lows, demand is expected to surge from jewellers and retail buyers alike.