Gold and silver prices declined for a second consecutive day, weighed by profit booking and a ber US dollar, easing prices after recent record highs.
After a sharp rally over the past few days that pushed prices to record levels, profit-taking has emerged in the bullion market, leading to a visible softening in domestic prices. The decline has been reflected across major jewellery markets as gold and silver prices moved lower in key cities.
According to market participants, strength in the US dollar and investor profit booking following the recent surge have put pressure on bullion prices. Gold and silver had seen a b upward move in recent weeks, and the current correction follows that rally. After a day of stability, prices of both precious metals have now declined for two consecutive sessions, with volatility continuing to drive daily fluctuations.
In Delhi, 24-carat gold declined by Rs 10 per 10 grams on the day, while 22-carat gold also fell by Rs 10 per 10 grams. Over the past two days, however, the cumulative decline has been significantly larger. The price of 24-carat gold in Delhi has fallen by Rs 7,420 per 10 grams over two days, while 22-carat gold has declined by Rs 6,810 per 10 grams during the same period.
Across major cities, gold prices eased broadly. In Delhi, 24-carat gold was quoted at Rs 1,53,310 per 10 grams, 22-carat gold at Rs 1,40,540 per 10 grams, and 18-carat gold at Rs 1,15,020 per 10 grams. In Mumbai and Kolkata, 24-carat gold was priced at Rs 1,53,160 per 10 grams, 22-carat gold at Rs 1,40,390 per 10 grams, and 18-carat gold at Rs 1,14,870 per 10 grams.
In Chennai, 24-carat gold was quoted at Rs 1,52,170 per 10 grams, while 22-carat gold stood at Rs 1,39,490 per 10 grams and 18-carat gold at Rs 1,19,990 per 10 grams. Prices in Bengaluru and Hyderabad were largely in line with Mumbai and Kolkata, with 24-carat gold at Rs 1,53,160 per 10 grams, 22-carat gold at Rs 1,40,390 per 10 grams, and 18-carat gold at Rs 1,14,870 per 10 grams. In Lucknow and Jaipur, 24-carat gold was priced at Rs 1,53,310 per 10 grams, 22-carat gold at Rs 1,40,540 per 10 grams, and 18-carat gold at Rs 1,15,020 per 10 grams. In Patna and Ahmedabad, 24-carat gold stood at Rs 1,53,210 per 10 grams, 22-carat gold at Rs 1,40,440 per 10 grams, and 18-carat gold at Rs 1,14,920 per 10 grams.
Silver prices also extended losses for a second consecutive day. After a day of stability, silver prices in Delhi have fallen by a cumulative Rs 50,100 per kilogram over the past two days. Prior to this, silver had declined by Rs 60,000 per kilogram over two consecutive sessions. On the day, silver prices in Delhi fell by a further Rs 100, with silver currently quoted at Rs 2,99,900 per kilogram. Prices in major cities such as Chennai, Mumbai, and Kolkata were trading at similar levels.
Jatin Trivedi, Vice President and Research Analyst at LKP Securities, said the decline from record highs, an increase in margins, and profit booking have led to elevated volatility in the market. He said the recent price movement reflects heightened fluctuations following the sharp rally.
Commodity expert NS Ramaswamy said the current decline in gold and silver prices represents a natural shakeout after an excessive rise. He said the ber dollar has triggered some selling pressure, but the long-term bullish case for gold remains intact. According to him, continued central bank buying, geopolitical risks, and demand for portfolio diversification continue to support gold.
Ramaswamy said central banks purchased around 230 tonnes of gold in the fourth quarter of 2025, and total central bank buying in 2026 is expected to exceed 800 tonnes.
On silver, experts said the sharper decline has been driven by an increase in margin requirements, forcing leveraged traders to cut positions. Ramaswamy said silver could trade in the range of $72 to $78 per ounce, and a sustained move above $80 per ounce would be required for a significant breakout.
