A brutal sell-off gripped India’s bullion markets on Friday, erasing billions in value as gold and silver prices nosedived up to 10 percent. What was once a safe-haven frenzy has turned into a rapid unwind, catching many off guard.
MCX data shows gold contracts for April 2026 dropping 4.70 percent to 1,75,307 rupees per 10 grams around mid-afternoon. Silver’s March 2026 futures cratered 10.77 percent to 3,56,831 rupees per kilogram, reflecting panic in the pits.
Spot prices mirrored the chaos. IBJA’s noon quotes revealed 24-carat gold at 1,68,475 rupees per 10 grams—a steep 6,865-rupee fall from 1,75,340 rupees. Silver wholesale plunged 22,825 rupees to 3,57,163 rupees per kilogram, previously 3,79,988 rupees.
The trigger? International markets are in freefall, with Comex gold at 5,137 dollars per ounce (down 4.07 percent) and silver at 103 dollars (down 9.28 percent). After gold’s 80 percent-plus yearly surge and silver’s staggering 220 percent return—fueled by geopolitical tensions and US policy risks—investors are cashing out profits aggressively.
Analysts point to the World Gold Council’s forecast of slumping jewelry sales due to elevated prices, which could prolong the downside. For jewelers and investors, this volatility underscores the risks in precious metals. Will central banks step in, or is this the start of a broader correction? Markets remain on edge.