Editor’s Note
This article reports on the sharp decline in gold and silver prices in Indian markets, highlighting significant intraday losses before a slight recovery.
The decline in gold and silver shows no signs of stopping. As markets opened on Tuesday morning, the prices of both metals tumbled. On the Multi Commodity Exchange (MCX), gold for delivery in April 2026 fell by Rs 1,200. Meanwhile, silver for delivery on 5 March 2026 saw a drop of nearly Rs 4,700. However, prices later recovered slightly. At 10 AM, gold was trading at Rs 1,53,691 per 10 grams, down by Rs 1,069. Silver, on the other hand, slipped by Rs 3,391 to Rs 2,36,500 per kilogram.
In the previous trading session, gold futures contracts for April 2026 delivery closed at Rs 1,54,897 per 10 grams, down by Rs 1,000 or 0.64%. Meanwhile, silver futures contracts for delivery on 5 March 2026 were trading at Rs 2,40,201 per kilogram, up by Rs 310 or 0.13%.
The weakness came amid mixed signals globally. Trading was very thin in major Asian markets like China, Hong Kong, Singapore, Taiwan, and South Korea due to Lunar New Year holidays. The strengthening of the US dollar also put pressure on precious metal prices, preventing any significant rally.
The dollar index rose by 0.2% against a basket of currencies, making dollar-denominated gold more expensive for buyers holding other currencies and dampening demand.
Gold prices also fell in the international market on Tuesday. Pressure on precious metals persisted due to a stronger US dollar. Spot gold fell 0.9% to $4,947.98 per ounce, having dropped as much as 1% during the day. US gold futures for April delivery fell 1.6% to $4,966.80 per ounce. Meanwhile, spot silver fell 2.7% to $74.51 per ounce, having dropped more than 3% during the day.
In Delhi, standard gold (22 carat) is Rs 1,14,832 for 8 grams, while pure gold (24 carat) is Rs 1,25,264 for 8 grams.
In Mumbai, standard gold (22 carat) is Rs 1,14,712 for 8 grams, while pure gold (24 carat) is Rs 1,25,144 for 8 grams.
In Chennai, standard gold (22 carat) is Rs 1,15,512 for 8 grams, while pure gold (24 carat) is Rs 1,26,016 for 8 grams.
In Hyderabad, standard gold (22 carat) is Rs 1,14,712 for 8 grams, while pure gold (24 carat) is Rs 1,25,144 for 8 grams.
Manoj Kumar Jain of Prithvi Finmart shared these views.
