Mumbai, India | January 16, 2026
After a five-day record-breaking rally, silver futures on the Multi Commodity Exchange (MCX) saw a sharp correction on Friday, falling ₹4,027 to settle at ₹2,87,550 per kilogram. Gold prices also slipped as traders booked profits amid a strengthening US dollar and softer global cues.
Trading activity was partially disrupted on Thursday morning due to municipal elections in Maharashtra, forcing MCX to keep the morning session closed. Operations resumed later in the evening session.
Silver Prices Fall After Hitting All-Time High
On MCX, March silver futures declined ₹4,027 (1.38%), with volumes reaching 9,890 lots.
The metal retreated from its all-time high of ₹2,92,960 per kilogram, which it touched on Thursday before the correction set in.
Gold Futures Also Decline
Gold prices followed a similar trend, slipping as investors looked to lock in gains.
February gold futures dropped ₹520 (0.36%) to ₹1,42,601 per 10 grams, with 14,194 lots traded.
Why Are Gold and Silver Prices Falling?
Manish Verma, owner of Shri Shyam Jewellers, said both precious metals witnessed significant volatility through the day.
Weaker-than-expected US weekly jobless claims strengthened the US dollar.
Softer geopolitical tone from US President Donald Trump regarding Iran reduced safe-haven demand.
Recent US macroeconomic data kept expectations of a Federal Reserve rate cut intact for the first half of the year.
Verma added that a strong dollar index has created near-term headwinds for bullion.
Global Market Trends
International markets mirrored the weakness seen domestically.
On COMEX, March silver futures dropped $1.93 (2.10%) to $90.41 per ounce, down from the record $93.56 per ounce touched on Wednesday.
February gold futures fell $21.9 (0.47%) to $4,601.8 per ounce, compared to the all-time high of $4,650.50 per ounce reached on January 14.
The global selloff indicates broad profit-booking as traders reassess market sentiment ahead of key US economic data releases.
