Mumbai’s bullion markets witnessed a sharp decline in gold and silver prices on Thursday, offering investors a golden opportunity to buy at reduced rates. Gold fell by nearly Rs 2,000 per 10 grams, while silver prices plummeted by as much as Rs 7,200 per kilogram, marking one of the day’s biggest drops.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold prices dropped Rs 1,962 to Rs 1,60,586 per 10 grams from the previous Rs 1,62,548. The 22-carat variant saw a decline to Rs 1,47,097 per 10 grams from Rs 1,48,894, and 18-carat gold settled at Rs 1,20,440 per 10 grams, down from Rs 1,21,911.
Silver experienced an even steeper fall, with prices crashing Rs 7,135 per kilogram to Rs 2,64,212 from Rs 2,71,347. This downturn rippled through both spot and futures markets. In futures trading, gold for April 2026 contracts dipped 0.84% to Rs 1,60,165, while silver for May 2026 eased 0.94% to Rs 2,63,068.
Global cues mirrored the domestic slump. On Comex, gold traded 0.16% lower at $5,126 per ounce, and silver fell 0.61% to $82.68 per ounce. Market analysts attribute the decline to profit booking and anticipation of key US economic data.
Jatin Trivedi from LKP Securities noted that domestic gold hovered between Rs 1,60,000 and Rs 1,63,000 per 10 grams, with Comex gold around $5,150 per ounce. ‘The market’s focus is now on upcoming US unemployment figures and non-farm payroll data, which will dictate gold’s next move,’ he said.
For jewelers and investors, this dip presents a rare buying window amid festive season preparations. However, volatility remains high, with experts advising caution until clearer signals emerge from global indicators. As prices stabilize, buyers are rushing to lock in these attractive levels before any rebound.