Gold down Rs 7,000, silver crashes Rs 26,000 on Budget day

Gold and silver prices witnessed a sharp decline once again on Sunday, as both precious metals registered a steep fall in the commodity and share markets, triggering concern among investors and traders alike.

In a single trading session, gold and silver recorded an unusual and significant drop, reflecting heightened volatility in the precious metals market. The impact was immediately visible on the Multi Commodity Exchange (MCX), where prices plunged sharply as soon as trading commenced. Market analysts attribute the sudden fall to global cues, profit booking, and fluctuations in international bullion prices.

On the MCX, gold futures dropped by nearly five per cent, with prices falling by around Rs 7,000 to trade at approximately Rs 1,42,600 per 10 grams. Silver futures also mirrored this downward trend, witnessing a sharp fall of about Rs 26,000 and slipping to Rs 2,65,652 per kilogram. The magnitude of the decline has surprised market participants, as such steep corrections are relatively rare in a single session.

Also Read: Gold, silver prices fall for second straight day ahead of Union Budget

Since Sunday is a non-trading day for domestic bullion markets, prices at the local level have remained unchanged for now. However, traders anticipate that once trading resumes on Monday, the sharp fall witnessed on MCX is likely to be reflected in physical markets as well, leading to lower retail prices across the country.

At present, gold in the domestic market is being sold at Rs 1,47,200 per 10 grams for 22-carat purity. Meanwhile, silver continues to trade at Rs 3,20,000 per kilogram. With global market trends remaining uncertain, investors are advised to stay cautious and closely monitor price movements in the coming days.