Gold and silver prices witnessed a sharp decline on Friday. Following a continuous surge, the prices of precious metals suddenly plummeted due to profit-taking by investors. Both gold and silver were trading in the red from the opening bell on the Multi-Commodity Exchange (MCX).
The biggest drop was seen in silver prices. On the MCX, silver futures fell by nearly ₹24,000, with the March 5th expiry contract dropping by ₹23,993 to ₹3,75,900 per kilogram.
It is noteworthy that on Thursday, silver had shown a historic surge, crossing the ₹4 lakh per kilogram mark for the first time. It closed at ₹3,99,893 per kilogram at the end of trading. The lifetime high for silver was recorded at ₹4,20,048 per kilogram, from which it witnessed a massive drop of approximately ₹44,148 in a single day.
Gold prices also registered a sharp decline. On the MCX, gold became cheaper by about ₹8,000 per 10 grams at the opening.
Domestic Gold and Silver Prices
According to the All India Sarafa Association, on Thursday, silver continued its upward trend for the fourth consecutive session, rising by ₹19,500 or 5.06 percent to a record high of ₹4,04,500 per kilogram (including all taxes).
The price of 99.9 percent pure gold also increased by ₹12,000 or 7.02 percent, rising from its previous closing price of ₹1,71,000 per 10 grams (including all taxes) to a new all-time high of ₹1,83,000 per 10 grams.
So far in January, gold prices have increased by more than 24%, indicating a continuous upward trend for the sixth consecutive month. This is considered the largest monthly increase since January 1980. Meanwhile, silver prices have surged by nearly 62% this month, indicating the biggest monthly increase in its history.
Gold Prices in Major Cities
The prices of 24-karat gold in major Indian metropolitan cities were as follows:
Mumbai: Approximately ₹1,70,170 per 10 grams
Kolkata: Approximately ₹1,69,950
Delhi: Approximately ₹1,69,880
Chennai: Approximately ₹1,70,670
Hyderabad: Approximately ₹1,70,440
Bengaluru: Approximately ₹1,70,310
Gold prices in South Indian markets remain higher compared to North India.
Silver Prices
The surge in silver prices has been fueled by increasing demand from sectors such as AI data centers and solar energy, along with limited physical supply.
Mumbai: Approximately ₹4,01,760 per kilogram
Delhi: Approximately ₹4,01,060
Chennai: Approximately ₹4,02,920
Hyderabad: Approximately ₹4,02,390
Bengaluru: Approximately ₹4,02,070
Kolkata: Approximately ₹3,86,420
Fluctuations in the International Market
On Friday, gold and silver prices remained near their all-time highs, although a slight decline was recorded on COMEX and MCX compared to the previous day. In the international market, gold on COMEX fell to $5,412.40 per ounce, compared to nearly $5,500 the previous day. Earlier, gold had touched a historic high of $5,586.20 per ounce. Silver prices also softened slightly to $117.45 per ounce, after previously touching a record high of $119 per ounce. According to analysts, global economic uncertainty, confusion regarding central bank policies, and geopolitical tensions have increased the demand for gold and silver as safe-haven investments, leading to a sharp rise in prices.
'UGC is engaging in caste-based discrimination...', another petition filed in the Supreme Court against the new rules; read what the demands are.
A controversy has erupted over the new notification issued by the University Grants Commission (UGC). The matter has now reached the Supreme Court. A petition filed in the Supreme Court challenges the
The world's loneliest penguin: Why did a small bird choose the path of death and become a symbol of rebellion?
You've probably seen it on social media: a lone penguin, amidst the endless ice of Antarctica, leaving its colony behind and heading towards vast, icy mountains. This viral video is currently causing
Plane Crash in Baramati: Flight attendant Pinky Mali had gotten married four years ago and had come to her village two and a half months ago.
Maharashtra Deputy Chief Minister Ajit Pawar has died in a plane crash in Baramati, Pune district. Four other people on board the aircraft also perished in the accident. The incident occurred when the
Delhi Bomb Threat: Dwarka court receives bomb threat via email, causing panic; police are investigating.
A sensational incident unfolded this morning at the Dwarka Court in the national capital, Delhi, when a bomb threat was received at the court premises. The bomb threat was received via email. Upon
What did Rahul Gandhi say that angered Shashi Tharoor? He distanced himself from the Congress election meeting.
Amidst preparations for the Kerala Assembly elections, discontent has surfaced within the Congress party regarding Shashi Tharoor, the four-time MP from Thiruvananthapuram. According to media reports,
Rain in Delhi-NCR, snowfall from Shimla and Manali to Srinagar; several flights cancelled and highways blocked.
The weather took a sudden turn in most parts of the country, including Delhi-NCR, on Friday morning. While Delhi-NCR experienced heavy rainfall, Shimla and Manali witnessed the first snowfall of the
IND vs PAK: 'India will defeat them badly', this former Indian player warned Pakistan; gave advice ahead of the World Cup.
India and Pakistan are scheduled to face each other in the T20 World Cup on February 15th. The World Cup hasn't even started yet, but the rivalry between India and Pakistan is already heating up.
Delhi NCR Weather: Rain increases the chill in Delhi-NCR; IMD issues a yellow alert for today.
Amidst the biting cold, several areas of Delhi-NCR are experiencing rain, which has completely changed the weather pattern. The India Meteorological Department (IMD) had already issued a warning about
The SIT has reached the Noida Authority office in connection with the engineer's death case; statements from several departments, including fire and police, will be recorded.
The Special Investigation Team (SIT) arrived at the Noida Authority's Sector 6 office today to investigate the death of Yuvraj Mehta. Statements from those present at the scene and from relevant
T20 World Cup: Scotland announces 15-member squad for the T20 World Cup; their entry came after Bangladesh withdrew.
The International Cricket Council (ICC) disqualified Bangladesh from the 2026 ICC T20 World Cup in India after the Bangladesh Cricket Board (BCB) refused to send its team due to security concerns.
