New Delhi witnessed a sharp decline in gold and silver prices on Friday, pulling gold rates back below the crucial 1.60 lakh rupees per 10 grams mark. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold tumbled by 1,835 rupees to settle at 1,58,751 rupees per 10 grams, down from the previous 1,60,586 rupees.
The downturn extended to other variants as well. 22-carat gold dropped from 1,47,097 rupees to 1,45,416 rupees per 10 grams, while 18-carat gold fell to 1,19,063 rupees from 1,20,440 rupees. Silver prices also slid significantly, declining by 3,489 rupees to 2,60,723 rupees per kilogram, compared to 2,64,212 rupees earlier.
In the futures market, trading remained range-bound. On the Multi Commodity Exchange (MCX), the April 2026 gold contract edged up 0.05% to 1,59,757 rupees, while the May 2026 silver contract rose 0.30% to 2,62,990 rupees.
Internationally, precious metals showed mild gains. Comex gold climbed 0.28% to 5,093 dollars per ounce, and silver advanced 0.58% to 82.62 dollars per ounce as of writing.
Market analyst Jatin Trivedi from LKP Securities noted that MCX gold is trading in a narrow band between 1,59,500 and 1,60,000 rupees, mirroring Comex levels around 5,100 dollars. ‘The market is cautious, awaiting key US unemployment data and non-farm payrolls,’ he observed.
Support for gold stands at 1,58,000 rupees, with resistance near 1,62,000 rupees. This correction offers buying opportunities for investors eyeing long-term safety in bullion amid global uncertainties. Jewellers report steady demand despite the dip, as festive seasons loom on the horizon. Stay tuned for updates as economic indicators unfold.