Investors reeled as gold and silver prices cratered up to 10 percent in India on Friday, fueled by a global unwinding of positions after blockbuster gains. The swift correction highlights the fragility beneath the recent boom in safe-haven assets.
MCX futures painted a grim picture: April 2026 gold settled 4.70 percent lower at 1,75,307 rupees per 10 grams by early afternoon. The March 2026 silver contract plunged 10.77 percent to 3,56,831 rupees per kilogram.
Physical markets weren’t spared. IBJA’s midday fix showed 24-carat gold at 1,68,475 rupees per 10 grams, slashed by 6,865 rupees from 1,75,340 rupees. Silver tumbled 22,825 rupees to 3,57,163 rupees per kilogram, versus 3,79,988 rupees before.
Overseas, Comex gold traded at 5,137 dollars per ounce after a 4.07 percent slide, with silver at 103 dollars following a 9.28 percent drop. Experts blame profit harvesting after gold’s 80 percent annual return and silver’s 220 percent rocket ride, driven by rising uncertainties and US presidential tariff rhetoric.
The World Gold Council’s latest insights suggest high prices may curb India’s jewelry consumption this year, exacerbating supply pressures. While short-term pain is evident, historical patterns indicate such pullbacks often precede renewed uptrends. Traders are advised to monitor Fed signals and geopolitical developments for the next move.