Silver drops by ₹16,000 and gold also sees sharp fall, good opportunity for buying
Gold and silver prices declined sharply on MCX, with silver dropping ₹16,000, offering a good buying opportunity amid global market and US Fed rate impact.
Mumbai (The Uttam Hindu): Gold and silver prices witnessed a decline during Thursday’s trading session, bringing relief to buyers. Gold prices slipped close to ₹1.52 lakh per 10 grams, while silver fell below ₹2.45 lakh per kilogram.
On the Multi Commodity Exchange (MCX), at around 10:21 am, the gold contract for April 2, 2026, was trading 0.62 percent or ₹953 lower at ₹1,52,072. During the session, gold touched a low of ₹1,51,712 and a high of ₹1,53,025.
Silver also remained weak. The May 5, 2026 contract declined by ₹3,945 or 1.59 percent to ₹2,44,249 per kilogram. In intraday trade, silver recorded a low of ₹2,43,083 and a high of ₹2,45,387.
In international markets, both metals showed further weakness. At the time of reporting, gold was down 0.92 percent at around $4,850 per ounce, while silver dropped 2.42 percent to $75.735 per ounce.
The decline in gold prices is being attributed to the US Federal Reserve’s recent decision to keep interest rates unchanged for the second consecutive time. Currently, interest rates in the US remain in the range of 3.5 percent to 3.75 percent.
Earlier, the Federal Reserve had reduced rates in September, October and December 2025. Market analysts said that the decision to hold rates steady reflects concerns over geopolitical tensions and persistent inflation pressures.
Experts also noted that expectations of fewer rate cuts in the future, along with rising inflation estimates, have influenced the precious metals market. Ongoing global tensions, including conflict-related impacts on oil markets, are also contributing to price fluctuations.