Sharp declines were recorded in gold and silver prices in the futures market, driven by profit booking, a hawkish stance by the US Federal Reserve, and international cues, leading to heightened activity in the bullion market.
Gold and silver prices witnessed significant volatility, affecting both investors and buyers. On Thursday, silver prices in the futures market fell sharply in a single session, while gold prices also recorded a notable decline. The correction followed a sustained rally in recent sessions, underscoring heightened sensitivity in the precious metals market. Global demand trends, currency fluctuations, and industrial usage continued to influence price movements in both metals.
In the futures market, silver recorded a steep fall during morning trade. At around 10:27 am, the March delivery silver contract on the Multi Commodity Exchange declined by approximately 9.03 percent compared with the previous session. Prices dropped by nearly Rs 36,000 to Rs 2,44,562 per kilogram.
The decline ranks among the sharpest monthly corrections in silver prices in recent months. Prior to this fall, silver prices had seen sustained gains supported by industrial demand and global uncertainty. However, profit booking and international signals reversed the trend.
Gold prices also remained under pressure alongside silver. The April delivery gold contract declined 1.27 percent from the previous session, with futures prices slipping to Rs 1,51,106 per 10 grams. The decline followed a recent sharp rise in gold prices, with market participants assessing the durability of the correction.
In the spot market, gold prices softened across major Indian cities. According to Goodreturns, 24-carat gold in Delhi was trading at Rs 15,457 per gram, while 22-carat gold was priced at Rs 14,170 per gram and 18-carat gold at Rs 11,597 per gram.
In Mumbai, 24-carat gold was priced at Rs 15,442 per gram, 22-carat gold at Rs 14,155 per gram, and 18-carat gold at Rs 11,582 per gram. Prices in Kolkata remained largely aligned with Mumbai levels, with 24-carat gold at Rs 15,442 per gram, 22-carat gold at Rs 14,155 per gram, and 18-carat gold at Rs 11,582 per gram.
In Chennai, gold prices were relatively higher. Twenty-four-carat gold was priced at Rs 15,622 per gram, 22-carat gold at Rs 14,320 per gram, and 18-carat gold at Rs 12,250 per gram. In Bengaluru, 24-carat gold was trading at Rs 15,442 per gram, broadly in line with Mumbai and Kolkata prices.
Internationally, gold prices also declined. On Thursday, gold in the international market fell by more than 1 percent to around $4,880 per ounce, erasing most of the gains from the recovery seen over the previous two days. The decline followed renewed selling pressure amid a hawkish outlook on interest rates from the US Federal Reserve.
