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On the Multi Commodity Exchange (MCX), gold futures for April delivery opened 1.88% lower at ₹1.80 lakh per 10 grams, compared with a previous close of ₹1.83 lakh per 10 grams. Prices slipped further during the session, falling below the ₹1.78 lakh mark after touching a lifetime high of ₹1.93 lakh per 10 grams in the previous session.
Silver prices recorded steeper losses. MCX silver futures opened nearly 4% lower at ₹3.83 lakh per kg against a prior close of ₹3.99 lakh per kg, and later extended losses to around 5%. The metal had scaled a record high of ₹4.20lakh per kg on Thursday (Janaury 29).
In the physical market, prices mirrored the correction in futures. In Mumbai, 24-carat gold eased to around ₹1.78 lakh per 10 grams, while 22-carat gold slipped to ₹1.63 lakh per 10 grams. Spot silver declined to nearly ₹3.80 lakh per kg. These rates exclude GST and making charges.
Rahul Kalantri, Vice President – Commodities at Mehta Equities, said gold and silver had surged to lifetime highs earlier this week on strong safe-haven demand amid heightened global uncertainty , but the rally faced resistance at elevated levels. He said traders booked profits near record highs, leading to a sharp pullback, even as bullion prices remained on track for their strongest monthly performance since the 1980s.
Kalantri added that volatility in precious metals remains elevated, with prices reacting to movements in the US dollar, global risk sentiment and policy signals from the United States.
Globally, gold and silver traded lower on Friday, pressured by dollar strength. However, prices were still headed for their biggest monthly gains in decades, supported by sustained investment demand amid persistent geopolitical and economic uncertainty.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, said the broader outlook for bullion remains constructive despite near-term corrections. She said investor nervousness, global volatility and policy uncertainty continue to underpin demand for precious metals, though intermittent corrections are likely after sharp rallies.
