After three straight days of strong gains, gold and silver prices witnessed a sudden correction on the Multi Commodity Exchange (MCX), driven largely by
profit-booking. On Thursday, January 15, gold prices slipped by around Rs 1,000 per 10 grams, while silver saw a steep fall of nearly Rs 10,000 per kilogram. However, prices in the physical bullion (sarafa) market remained firm. On Friday, January 16, 24-carat gold was trading at around Rs 1,43,610 per 10 grams, while 22-carat gold stood at Rs 1,31,640 per 10 grams and 18-carat gold at about Rs 1,07,710 per 10 grams. Gold and Silver Slide After Three-Day Rally On Thursday evening, MCX gold futures declined 0.63% (around Rs 910) to Rs 1,42,243 per 10 grams. Silver futures fell sharply by 3.48%, or nearly Rs 10,000, settling at Rs 2,78,000 per kilogram. Commodity experts attributed the fall mainly to profit-taking after the recent rally, along with reduced buying at elevated price levels in the domestic market. Bullion Market Remains Strong In contrast, the Delhi bullion market saw silver prices surge by Rs 3,000 on Thursday, touching a record Rs 2,89,000 per kilogram. Gold also hit a fresh peak of Rs 1,47,300 per 10 grams, supported by sustained buying from jewellers and stockists. According to the All India Bullion Association, silver extended its winning streak for the fifth consecutive day, rising 1.05% to a new all-time high. Gold Prices (City-wise) Delhi
24K Gold: Rs 13,636 per gram
22K Gold: Rs 12,501 per gram
Mumbai
24K Gold: Rs 13,621 per gram
22K Gold: Rs 12,486 per gram
Kolkata
24K Gold: Rs 13,621 per gram
22K Gold: Rs 12,486 per gram
Chennai
24K Gold: Rs 13,725 per gram
22K Gold: Rs 12,581 per gram
Silver Prices (City-wise)
Delhi
Silver 999: Rs 2,421 per 10 grams
Mumbai
Silver 999: Rs 2,421 per 10 grams
Kolkata
Silver 999: Rs 2,421 per 10 grams
Chennai
Silver 999: Rs 2,601 per 10 grams
Silver Jumps Rs 45,500 in Just Five Sessions
With this rally, silver has gained nearly 16% ( Rs 45,500) over the past five trading sessions. Its price stood at Rs 2,43,500 per kilogram on January 8. Silver has now outperformed gold for the second consecutive year, delivering returns of about 21% so far, and has risen nearly Rs 50,000 from its December 31, 2025 level of Rs 2,39,000 per kilogram.
Gold prices, meanwhile, have also remained on an upward trend. On Thursday, gold climbed for the fifth straight day, rising Rs 800 to reach a record Rs 1,47,300 per 10 grams (including all taxes). Since the beginning of 2026, gold prices have increased by Rs 9,600, or roughly 7%.
What Lies Ahead for Gold and Silver?
Traders say the continued strength in domestic bullion prices is being supported by steady buying from jewellers, stockists and retail consumers, even as international markets show signs of consolidation. Globally, both metals saw mild technical corrections after hitting record highs.
In overseas markets, silver slipped 2.13% to $91.20 per ounce after touching a record $93.52 per ounce earlier in the week. Spot gold also edged lower by 0.26% to $4,614.45 per ounce, after scaling a record high of $4,643.06 per ounce in the previous session.
According to Rajkumar Subramaniam, Head of Products and Family Office at PL Wealth Management, silver is emerging as one of the most attractive strategic metals in the current cycle, positioned at the intersection of rising investment demand and accelerating industrial transformation.
