Gold, silver retreat steeply from record highs before Budget 2026

Gold and silver futures opened sharply lower ahead of the Union Budget 2026, retreating steeply from record highs amid profit booking in domestic and international markets

Ahead of the Union Budget 2026 to be presented in Parliament, gold and silver futures opened sharply lower as trading began on Sunday. Both metals have fallen steeply from their record highs hit in the domestic market on Thursday — gold by about ₹45,000, or 25 per cent, and silver by ₹1.54 lakh, or 37 per cent.

Gold down ₹44,000 per 10 g from peak

The benchmark February gold contract opened at ₹1,45,164 on the Multi Commodity Exchange (MCX) on Sunday, down ₹4,489 from the previous close of ₹1,49,653. At the time of writing this report, the contract was trading at ₹1,36,185, down ₹13,468. During the session so far, it hit an intraday high of ₹1,46,800 and a low of ₹1,36,185.

 

 

From a record high of ₹1,80,779 achieved last month, gold has fallen by ₹44,594, or 24.66 per cent.

 

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Silver down over ₹1.5 lakh from record

 

The benchmark March silver contract also opened weak on the MCX at ₹2,84,826, down ₹7,099 from the previous close of ₹2,91,925. At the time of writing this report, it was trading at ₹2,65,652, down ₹26,273. During the session so far, it hit an intraday high of ₹2,84,826 and a low of ₹2,65,652.

 

Last month, silver futures touched a record high of ₹4,20,048 per kg. Since then, the metal has fallen by ₹1,54,396, or 36.75 per cent.

Sharp fall in international markets

After a record-breaking surge, gold and silver futures have softened in international markets. Though Comex is closed for trading on Sunday, gold slid on Friday to as low as $4,700 per ounce from a record high of $5,586.20 hit last Thursday.

 

Similarly, silver declined sharply over the same period, falling from a peak of $121.79 to as low as $74 per ounce. 

Note: Gold futures are quoted in rupees per 10 grams and silver in rupees per kg on the MCX. On the Comex, both are traded in dollars per ounce. The last trading price (LTP) is as of the time of writing. Since Comex is closed on Sunday, the prices are from the previous trading day.