MCX Gold and MCX Silver prices tanked up to 14 per cent in Thursday's intra-day trade tracking losses in international gold and silver rates.
MCX Gold April futures dropped to a low of ₹1,48,455 - down 3 per cent, while
MCX Silver March futures tumbled by 14.1 per cent to an intra-day low of ₹2,30,900 today.
The April Gold contract had hit a record high of ₹1,80,799 on January 29 - and has shed 18 per cent from the record high. Meanwhile, Silver futures have cracked as much as 45 per cent from its peak of ₹4,20,048 in just five trading sessions.
At 12:20 PM, MCX Gold and Silver prices retreated from the day's low, but still traded in the negative zone. MCX Gold April futures (10 grams per lot) were down 0.1 per cent at ₹1,53,000 levels. MCX Silver March futures (1 kg per lot) quoted with a loss of 7.2 per cent at ₹2,49,346 levels.
According to analysts,
gold and
silver prices came under sharp pressure on Thursday as renewed selling emerged after the Federal Reserve signaled caution on further rate cuts. Gold slipped over 2 per cent, erasing recent recovery gains, while silver plunged over 16 per cent, reflecting extreme volatility across precious metals.
ALSO READ | Gold prices can hit $6200/oz; bull-market not over yet, says UBS "Hawkish comments from Fed officials and President Trump’s nomination of Kevin Warsh as the next Fed chair strengthened the US dollar and dampened rate-cut expectations. Although weaker US jobs data keeps hopes of eventual easing alive, easing geopolitical tensions around US–Iran talks reduced immediate safe-haven demand," said analysts at Kedia Stocks & Commodities in a note.
On the geopolitical front, safe-haven demand eased slightly after the US and Iran agreed to hold talks in Oman, though tensions remain unresolved. Meanwhile, China reported a 3.57 per cent drop in gold consumption in 2025, even as domestic output edged higher, adding another layer of complexity to the demand outlook.
Gold prices, said Ponmudi R, CEO of Enrich Money, are holding above key long-term trendlines and major moving averages, indicating the move is a healthy consolidation rather than a trend reversal. "Strong buying interest is seen in the ₹1,45,000–₹1,48,000 support area. A sustained hold above this base, along with a breakout above ₹1,55,000–₹1,60,000, could revive upside momentum toward ₹1,65,000–₹1,75,000, keeping the medium-term outlook positive despite ongoing volatility," he said.
ALSO READ | MCX Gold, Silver crash up to 44% from record highs; is the rally over? As regards MCX silver, Ponmudi believes the long-term bullish structure remains intact. Strong buying interest, he said, is evident in the ₹2,35,000–₹2,50,000 support band, aligned with prior swing lows and longer-term structural support.
"A sustained hold above this base, followed by a decisive recovery, could revive upward momentum toward ₹3,00,000–₹3,25,000 in the coming periods. Dips toward support continue to offer accumulation opportunities for positional traders; however, a decisive break below these levels could accelerate downside pressure and extend the correction, even as the broader medium- to long-term outlook remains structurally positive," Ponmudi said.
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 "Gold, silver prices crash on Thursday: Key reasons, levels and strategy")
