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.
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