Mumbai witnessed a dramatic plunge in gold and silver prices on Friday, bringing much-needed relief to buyers across India. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold tumbled by Rs 2,885 per 10 grams to settle at Rs 1,52,765, down from the previous Rs 1,55,650.
This sharp correction extended to other variants as well. 22-carat gold slipped from Rs 1,42,575 to Rs 1,39,933 per 10 grams, while 18-carat gold eased from Rs 1,16,738 to Rs 1,14,574 per 10 grams. Silver prices also crashed, shedding a whopping Rs 16,700 per kilogram to reach Rs 2,42,433, compared to Rs 2,59,133 earlier in the day.
The IBJA updates prices twice daily at noon and 5 PM, reflecting real-time market dynamics. While spot markets cooled off significantly, futures trading painted a contrasting picture. Gold for April 2026 contracts rose 0.70% to Rs 1,53,900, and silver for March 2026 climbed 2.86% to Rs 2,43,200.
Internationally, both metals traded higher amid ongoing volatility. Gold gained 0.85% to $4,989 per ounce, while silver surged 2.07% to $77 per ounce. Market analyst Jatin Trivedi from LKP Securities noted that after Thursday’s steep decline, MCX gold rebounded with gains. He highlighted Rs 1,60,000 as a key resistance level, warning that sustained trading below Rs 1,56,000 could test support at Rs 1,51,000.
Trivedi emphasized that investors are closely watching upcoming US inflation data, set for release Friday evening, which could dictate gold’s next moves. This domestic price drop offers a golden window for jewellery buyers and investors alike, especially ahead of festival seasons. However, experts advise caution given global uncertainties and futures uptick signaling potential rebound.