Silver loses its shine as global turmoil deepens, down 40% from highs; gold also slips

Mumbai (The Uttam Hindu): Gold and silver prices witnessed another sharp decline today, continuing the strong downward trend seen over the past few sessions. On Wednesday as well, heavy selling pressure in both domestic (MCX) and international markets caused significant volatility. While the steep fall has unsettled investors, it has brought relief to the general public.

On the international commodity exchange COMEX, prices dropped sharply as soon as markets opened on the final trading day of the week. Spot gold slipped to $4,712.90 per ounce, compared to Thursday’s closing level of $4,766.80 per ounce. Similarly, spot silver fell to $64 per ounce, down from its previous close of $67.320 per ounce.

Meanwhile, on Thursday, the Multi Commodity Exchange of India (MCX) recorded marginal gains by market close. Gold settled at ₹1,52,260 per 10 grams after a rise of 0.12 percent, while silver closed at ₹2,46,452 per kilogram. Despite this slight recovery, both metals had already declined sharply earlier in the session.

When markets opened today on COMEX, spot gold touched $4,712.90 per ounce and silver slipped to $64 per ounce. However, some recovery was seen shortly after, with gold rising to around $4,755.40 per ounce and silver rebounding to nearly $68.840 per ounce.

The fall in gold and silver prices has increased anxiety among investors, but it has come as a major relief for consumers who had been waiting for prices to cool down. With the wedding season underway, demand for gold and silver traditionally rises. In India, purchases of precious metals are not limited to weddings alone but are also linked to festivals, birthdays, and traditional ceremonies.

However, as prices surged to record highs in recent months, buying had slowed, especially among middle-class families. Now, with rates easing, demand is expected to pick up again, offering some relief to small jewellers and traders as well.