In the Indian commodities market, precious metals opened significantly lower on Friday. On the Multi Commodity Exchange (MCX), gold prices fell sharply by ₹7,612, or 4.49%, to ₹1,61,791 per 10 grams around 9:10 am. Silver prices dropped even more steeply, sliding ₹21,878, or 5.47%, to ₹3,78,015 per kg, reflecting heavy selling pressure at the open.
Market participants attributed the decline to negative global cues and aggressive profit-taking after an unprecedented rally in recent sessions.
Domestic Bullion Prices Ease
According to the India Bullion and Jewellers Association (IBJA), the benchmark for physical bullion, 24-carat gold is currently priced at ₹1,75,340 per 10 grams, retreating from its all-time high. Analysts view the pullback as a healthy correction after the recent surge, noting that softer prices could revive consumer demand in the retail market.
Silver prices have also cooled. As per IBJA data, silver is now priced at ₹3,79,988 per kg, marking a notable decline from peak levels. The fall suggests that the market has entered a profit-booking phase after an extended rally, making current levels attractive for long-term investors.
Global Market Snapshot
Internationally, gold and silver remain around 3% below their record highs, despite strong underlying fundamentals. On Thursday, both metals touched historic peaks before witnessing sharp sell-offs driven by profit-taking.
During Asian trading on Friday, spot gold was hovering near $5,400 per ounce, after having surged to an all-time high of $5,594.82 a day earlier before slipping more than 5.7%. Silver was trading near $115 per ounce, down from its record peak of $121.64, though marginally recovering from Thursday’s lows.
