New Delhi witnessed a dramatic plunge in gold and silver prices on Friday, with declines reaching as high as 10 percent in a single trading session. This sharp correction has stunned investors who had ridden the recent bull run in precious metals.
On the Multi Commodity Exchange (MCX), gold for April 2026 delivery tumbled 4.70 percent to 1,75,307 rupees per 10 grams by 2:16 PM. Silver fared even worse, shedding 10.77 percent to 3,56,831 rupees per kilogram in the March 2026 contract.
The weakness extended to spot markets as well. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell by 6,865 rupees to 1,68,475 rupees per 10 grams, down from 1,75,340 rupees earlier. Silver prices dropped 22,825 rupees to 3,57,163 rupees per kilogram from 3,79,988 rupees.
Global cues are driving this rout. On Comex, gold slid 4.07 percent to 5,137 dollars per ounce, while silver plummeted 9.28 percent to 103 dollars per ounce. Experts attribute the sell-off to profit-taking after extraordinary gains—gold returned over 80 percent in the past year, and silver soared more than 220 percent amid global uncertainties and US tariff threats.
The World Gold Council recently warned that record-high prices could dampen jewelry demand in India this year, adding pressure on physical buying. As volatility persists, traders are bracing for more swings, but this correction offers a potential entry point for long-term investors. The question now is whether this marks the end of the rally or just a healthy pullback.