Jewelry enthusiasts and investors breathed a sigh of relief as precious metal prices nosedived in Mumbai on Thursday. The India Bullion and Jewellers Association reported 24-carat gold plunging ₹4,123 per 10 grams to ₹1,52,502, a sharp retreat from ₹1,56,625. Lower purities followed suit: 22-carat at ₹1,39,692 (down from ₹1,44,873) and 18-carat at ₹1,14,377 (from ₹1,18,619).
Silver’s fall was steeper, dropping ₹28,123 per kilogram to ₹2,54,339 against ₹2,82,462 previously. This dual slump in spot prices rippled into futures trading, with MCX gold (April 2026) declining 1.13% to ₹1,51,318 and silver (March 2026) cratering 8.53% to ₹2,45,925.
Overseas markets mirrored the trend, as gold eased 1.28% to $4,887/oz and silver plunged 7.42% to $78/oz. Market analyst Jatin Trivedi from LKP Securities attributed the weakness to intraday selling pressure, noting Comex gold’s $100 drop and MCX’s ₹1,000 decline.
Trivedi pointed to upcoming US jobless claims data as the next focal point. ‘Gold faces resistance at $5,000/oz on Comex, with support at $4,700-$4,750,’ he explained. In rupees, this translates to potential levels around ₹1,48,000.
For consumers, the timing couldn’t be better ahead of wedding peaks. Retailers report increased footfall, though analysts warn of rebound risks if global data surprises. This correction underscores the metal’s sensitivity to macroeconomic winds, reminding buyers to time purchases wisely.