Prices of gold and silver declined sharply across the bullion market and the Multi Commodity Exchange on Friday, January 31, 2026. Silver prices fell by ₹1,07,971 in a single session, while gold prices declined by ₹33,113, according to market data.
On the Multi Commodity Exchange, silver futures with March 5 expiry had closed at ₹3,99,893 per kilogram on Thursday. On Friday, the contract fell to ₹2,91,922 per kilogram, registering a one-day decline of ₹1,07,971. Silver had touched a record high of ₹4,20,048 per kilogram on Thursday. Compared with this level, prices declined by ₹1,28,126 within 24 hours.
Gold prices also recorded a sharp decline. Gold futures with April 2 expiry closed at ₹1,83,962 per 10 grams on Thursday and fell to ₹1,50,849 per 10 grams on Friday, marking a single-day decline of ₹33,113. Compared with the lifetime high of ₹1,93,096 per 10 grams recorded on Thursday, gold prices are lower by ₹42,247 per 10 grams.
Analysts cited multiple factors behind the sharp decline in precious metal prices. According to analysts, profit booking intensified after gold and silver reached record highs. Analysts also pointed to strength in the US dollar, which affected demand for precious metals by increasing costs for buyers using other currencies. In addition, analysts said statements by former US President Donald Trump and reports regarding Kevin Warsh replacing Jerome Powell influenced investor sentiment, leading to reduced demand for assets traditionally viewed as safe havens.
