A brutal sell-off gripped India’s bullion markets on Friday, sending gold and silver prices spiraling down by as much as 10 percent. On MCX, gold April 2026 contracts lost 4.70 percent to settle at 175,307 rupees per 10 grams by 2:16 PM. Silver March 2026 futures plunged even more dramatically, down 10.77 percent to 356,831 rupees per kilogram.
Over-the-counter prices mirrored the chaos. The IBJA reported 24-carat gold declining 6,865 rupees to 168,475 rupees per 10 grams, compared to 175,340 rupees earlier. Silver prices evaporated 22,825 rupees, landing at 357,163 rupees per kilogram from 379,988 rupees.
The trigger? A global unwinding, with Comex gold off 4.07 percent at 5,137 dollars per ounce and silver down 9.28 percent to 103 dollars. Seasoned traders call it classic profit harvesting after gold’s stellar 80 percent+ annual return and silver’s explosive 220 percent climb, boosted by worldwide turbulence and US leader’s tariff moves.
The World Gold Council’s fresh analysis cautions of waning jewelry demand in India amid peak valuations this year. This mass exodus from positions built over months reflects cooling fervor in safe-haven buying.
For industry players, the dip spells relief and opportunity, though lingering uncertainties around inflation and policy could prolong swings. As markets digest this shakeout, the focus shifts to whether this is a temporary blip or the start of a broader downtrend in precious metals.