A welcome dip in precious metal prices unfolded in Mumbai on Thursday, with gold easing nearly Rs 2,000 per 10 grams and silver registering a massive Rs 7,200 per kilogram decline. This movement has positioned the market favorably for fresh purchases.
Per IBJA quotes, 24-carat gold settled at Rs 1,60,586 per 10 grams after shedding Rs 1,962 from Rs 1,62,548. The 22-carat grade fell to Rs 1,47,097 from Rs 1,48,894, and 18-carat to Rs 1,20,440 from Rs 1,21,911 per 10 grams.
Silver tumbled more aggressively by Rs 7,135 per kilogram to Rs 2,64,212, previously Rs 2,71,347. The softness permeated futures: gold for April 2026 down 0.84% at Rs 1,60,165, silver May 2026 off 0.94% at Rs 2,63,068.
Comex mirrored the caution, gold at $5,126/ounce (-0.16%) and silver $82.68/ounce (-0.61%). LKP’s Jatin Trivedi pointed to gold’s domestic consolidation in Rs 1,60,000-1,63,000 range per 10 grams, tracking Comex at $5,150/ounce.
‘Upcoming US labor data, including unemployment and payroll numbers, holds the key to future directions,’ he analyzed. Factors like dollar strength and bond yields contributed to the pullback from recent peaks.
As physical markets react, wholesalers report brisk inquiries from fabricators and households. This correction may prove temporary, given persistent inflation hedges and central bank buying. Investors should monitor data flows closely for optimal timing.