New Delhi, India — February 6, 2026
Gold and silver prices continued to decline on Friday, extending their losing streak in the bullion market. Precious metals came under pressure both domestically and globally, with silver witnessing a steep correction of up to ₹14,000, while gold prices dropped by more than ₹1,500.
Gold, Silver Prices on MCX Today
In early trade on the Multi Commodity Exchange (MCX), gold prices slipped to around ₹1.50 lakh per 10 grams. At the same time, silver prices fell sharply, trading near ₹2.33 lakh per kilogram, reflecting weak buying sentiment.
Market participants attributed the fall to profit booking and global cues, as investors remained cautious amid currency movements and easing geopolitical concerns.
Sharp Fall Recorded in Previous Session
The decline follows a steep fall seen on Thursday in the domestic bullion market. Silver had dropped by ₹30,300, settling at ₹2.68 lakh per kilogram, while gold slipped ₹4,500 to trade around ₹1.60 lakh per 10 grams.
The continued weakness suggests sustained pressure on precious metals across consecutive sessions.
Global Market Impact on Gold and Silver
Internationally, gold and silver prices fell sharply on Thursday as the US dollar rose to a nearly two-week high, making precious metals more expensive for investors using other currencies. Additionally, signs of easing US-China trade tensions weighed on safe-haven demand.
-
Spot Gold: Fell 2.5% to $4,838.81 per ounce, retreating from near one-week highs
-
US Gold Futures (April delivery): Declined 1.9% to $4,855.60 per ounce
-
Spot Silver: Crashed 14.9% to $74.94 per ounce
Notably, silver had touched a record high of $121.64 per ounce just last week, making the current correction particularly sharp.
Market Outlook
Analysts say the near-term direction of gold and silver will depend on dollar movement, global trade developments, and interest rate expectations. Any further strengthening of the dollar could keep pressure on bullion prices, while volatility is expected to remain high.
