MCX Gold down 23%; Silver prices dip by nearly ₹200,000 from high in 6 days

Commodity rout: Precious metals - Gold, Silver, Platinum have cracked up to 47.5%; base metals - aluminium, copper, zinc, lead and nickel - plunged up to 18% in global markets from January 29 highs.

MCX Gold and Silver futures started Friday's trading session on a rather dismal note, falling up to 6 per cent, mirroring the sharp losses in international markets.  MCX Gold April futures were down 1 per cent at ₹1,48,000 per 10 grams levels in opening trade. Gold prices in India are now down 23.3 per cent from the record high of ₹1,93,096 touched on January 29, shows MCX data.  MCX Silver futures shed 5.7 per cent at ₹2,29,187 levels. MCX Silver March futures have declined up to 45.5 per cent or nearly ₹2 lakh (₹1,91,600) from its record high of ₹4,20,048 hit towards the end of the last month.  Geojit in its daily commodity insights expects Gold prices to remain volatile, with the broader outlook still bullish.  According to the brokerage report, support for MCX Gold is seen at ₹1,47,200 - ₹1,42,700 range; and in case of MCX Silver support is seen in the ₹2,30,177 - ₹2,02,600 range.  In the International market, Gold, Silver and Platinum prices wilted under selling pressure in recent days, retreating from record high levels. Silver prices have taken the worst hit, and tumbled up to 47.5 per cent in the last six trading sessions from its record high.  "Gold and silver remain volatile as last week's steep plunge was driven by hawkish Fed expectations after Kevin Warsh's nomination, a stronger dollar, and sharp CME margin hikes that forced leveraged unwinding. Profit-taking after record highs also amplified rapid swings, keeping market sentiment fragile," says Hareesh V, Head of Commodity Research, Geojit Investments Limited.  According to reports, the CME Group has increased margin on Gold futures from 8 per cent to 9 per cent, and in the case of Silver margin is hiked from 15 per cent to 18 per cent with effect today.    ALSO READ | Gold, silver extend losses amid global tech rout, firmer US dollar  Data shows that, Silver futures for March delivery in the international market slumped to a low of ₹63.90 in early Asian deals - down 47.5 per cent when compared to its all-time peak of ₹121.785 per ounce registered on January 29, 2026. 

 

 

  Similarly, Gold prices have corrected by 17 per cent from its summit. Gold April futures today plunged to a low of ₹4,671.74 - down $955 per ounce as against its life-time high of ₹5,626.80 registered on January 29.  Analysts have attributed the recent volatility to a mix of profit-taking following the stellar run in the commodities, and renewed strength in the US dollar coupled with signs of easing geopolitical tensions, especially the US-Iran nuclear talks. The two countries are scheduled to hold talks in Oman later today.   The sell-off in Gold and Silver began last Friday following reports that the US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chief.  Analysts at Kedia Stocks & Commodities believe that Warsh's nomination, and recent hawkish comments by Fed officials have dimmed hopes of further rate cuts in the US. READ MORE  Meanwhile, analysts at UBS expect Gold prices to consolidate at current levels, and probably rally to fresh record highs by mid-2026.  "While we anticipate consolidation between $4,500 and 4,800/oz in the coming days due to volatility from margin calls, we believe gold will rise thereafter toward our mid-year forecast of $6,200 and continue to rate it as an attractive hedge," UBS said in a note. READ MORE  Apart from Gold and Silver, Platinum prices too have slumped by 36 per cent in the last six trading sessions. Platinum futures tumbled from a high of $2,818.06 to a low of $1,808.65 today.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.