Gold Silver Rate Today Updates: Gold slips under $4,900/oz on COMEX, silver tumbles 8%; MCX rates in focus

MCX gold was trading at ₹1,50,364 per 10 grams at 8:23 pm on Thursday, up 0.75% or ₹1,120. Meanwhile, silver prices plunged, with MCX silver falling over 12% to ₹2,36,500 per kg by 8:57 pm, after earlier sliding more than 11% to ₹2,38,212 per kg.

Bitcoin fell below $70,000 on Wednesday as negative momentum deepened across the cryptocurrency market.

COMEX gold extended its slide below $4,900/oz, touching an intraday low of $4,809.56/oz. It is now trading near $4,885/oz, down about 1.40% from Wednesday’s close. MCX silver plunged 10% amid a global precious metals sell-off, falling ₹26,844, or 9.98%, to an intraday low of ₹2,42,006 per kg on Thursday afternoon.

“Gold traded weak below $4,875, down nearly $100 or 2%, with MCX Gold opening around ₹1,000 lower, reflecting the sharp decline in CME prices. The focus now shifts to U.S. non-farm payrolls and unemployment data, which could set the next directional tone.

The short-term trend remains slightly weak, with resistance seen near $5,000 on Comex and ₹1,56,000 on MCX, while support is placed around $4,700–$4,750 and ₹1,48,000 respectively.": Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

Bitcoin hovered near a breakdown below the crucial $70,000 mark, sliding 2% after earlier losses of up to 3.5% in Asian trading, touching $70,052.38 -- its weakest level since November 2024. Ether declined 0.7% to $2,111.34, and a fall below $2,000 would be its first breach of that threshold since May last year.

MCX gold bounced back sharply on Thursday, rallying nearly 4% from its intraday low as buyers stepped in after the early slide.

Gold touched a session high of Rs 1,54,200 per 10 grams, a jump of Rs 5,745 (3.86%) from the day’s low of Rs 1,48,455. At last count, the April contract was trading at Rs 1,53,594 per 10 grams, up Rs 548 (0.36%) on the day.

Silver exchange-traded funds (ETFs) came under heavy selling on Thursday after MCX silver futures opened sharply lower, snapping a two-day winning streak and triggering a broad drop across silver-linked funds.

The Axis Silver ETF took the biggest hit, falling to an intraday low of Rs 216.86 from a previous close of Rs 275,  a slide of about 21%.

Other silver ETFs also traded deep in the red. HDFC Silver ETF, ICICI Prudential Silver ETF, Edelweiss Silver ETF, SBI Silver ETF and Kotak Silver ETF declined in the range of 12% to 17% during the session, reflecting how quickly ETF prices can mirror sharp moves in the underlying silver market.

Gold and silver futures snapped their two-day rebound on Thursday, knocked down by a firmer US dollar and a risk-off mood in global markets.

On the Multi Commodity Exchange (MCX), silver futures (March delivery) led the slide, tumbling 10% or Rs 26,850 to Rs 2,42,000 per kg, compared with the previous close of Rs 2,68,850 per kg. The move underscored how quickly silver can unwind when momentum turns.

Gold futures (April delivery) also moved lower, though far less violently than silver. Prices fell 1.51% or Rs 2,310 to Rs 1,50,736 per 10 grams, versus Wednesday’s close of Rs 1,53,046 per 10 grams.

Gold prices gave up early gains on Thursday, with the spot price easing to Rs 1,53,106 per 10 grams after an initial uptick earlier in the session.

The Multi Commodity Exchange Clearing Corporation (MCXCCL), part of MCX, has imposed additional margins on gold and silver futures to strengthen risk management and curb systemic risk. MCXCCL said it will levy an extra 4.5% margin on all silver futures contracts and 1% on all gold futures contracts effective Thursday, February 5, 2026.

The clearing corporation will add another layer of margins from Friday, February 6, 2026, an additional 2.5% on silver and 2% on gold over and above Thursday’s hike. That takes the total additional margin to 7% for silver futures and 3% for gold futures from Friday across contract variants.

Gold’s blistering rally took prices to record territory just shy of $5,600 on January 29, before a sharp sell-off dragged the metal down to $4,403 an ounce by Monday. The slide came amid heavy profit-booking and followed US President Donald Trump’s nomination of Kevin Warsh as the next chair of the Federal Reserve, a pick markets read as less dovish.

Despite the pullback, market watchers argue the bigger forces that powered gold’s run haven’t disappeared. They point to persistent geopolitical tensions, strong central bank buying, questions around the Fed’s independence, rising US debt, trade uncertainty and de-dollarisation themes as key pillars likely to stay in play through 2026.

The US dollar climbed to a two-week high as fresh volatility gripped stocks and precious metals, with traders turning cautious ahead of interest-rate decisions from the European Central Bank and the Bank of England. The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.1% at 97.762, extending gains for a second straight session.

Silver futures on the Multi Commodity Exchange (MCX) fell sharply on Thursday, with the March 5 delivery contract sliding 8.97% to Rs 2,44,747 per kilogram. The move translates into a steep single-day drop of Rs 24,103, underscoring the renewed volatility in bullion counters.

Silver futures on the Multi Commodity Exchange (MCX) fell 6% in a single session on Thursday. The March delivery contract was trading at Rs 2,52,719 per kilogram, reflecting fresh weakness across bullion counters.

Gold prices in India fell sharply on Thursday after climbing for two straight sessions. At the latest update, 24K gold is at Rs 15,442 per gram (down Rs 502), while 22K gold has dropped to Rs 14,155 per gram (down Rs 460). 18K gold is also lower at Rs 11,582 per gram, down Rs 376.

Silver prices tumbled 9% on Thursday to Rs 2,44,654 on the MCX at the time of filing. Gold also moved lower, down 1.25% to Rs 1,51,127 for 24-karat, adding to the cautious mood across markets.

Indian equities opened lower, extending the recent muted opening streak. The Sensex started about 150 points down, while the Nifty 50 slipped below 25,750 from its previous close of 25,776. The Sensex briefly bounced to around 83,733 before giving up gains and turning lower again.

Thursday’s gains suggest the panic phase may be easing, but confidence is far from restored. With gold and silver still well below recent highs, markets remain cautious. For now, the rebound looks more like consolidation than the start of a fresh rally.

Despite the recovery, analysts warn that precious metals remain highly unstable. Sharp intraday moves, driven by speculative positioning and algorithmic trading, continue to dominate price action. Traders are bracing for further swings rather than a smooth recovery.

Silver prices surged across all major Indian hubs on Thursday. Mumbai saw silver trade near Rs 270,990 per kg, while Delhi followed closely at Rs 270,520. Chennai and Hyderabad stayed at the top end, with prices crossing Rs 271,700 and Rs 271,400 respectively.

Delhi’s gold rate stands at about Rs 153,030 per 10 grams, trailing most southern cities. Chennai remains the costliest major market at Rs 153,740, with Hyderabad and Bengaluru also trading at higher levels. The north–south price gap has widened during the rebound.

In Mumbai, 24-carat gold is trading at around Rs 153,290 per 10 grams, keeping the city near the top of the price chart. Kolkata follows closely at Rs 153,090, slightly ahead of Delhi. Dealers say local demand and logistics continue to influence regional premiums.

Gold and silver surged through January on speculative trades, geopolitical tensions, and concerns over the Federal Reserve’s independence. That rally ended abruptly late last week when prices fell too far, too fast. Silver recorded its largest one-day fall on record, while gold suffered its steepest decline since 2013.

The recovery was driven by strong global cues and a softer US dollar, traders said. A weaker dollar makes precious metals cheaper for overseas buyers, reviving demand after last week’s aggressive unwinding. The rebound, however, remains tentative as volatility stays elevated.

Despite Thursday’s rebound, gold remains well below recent highs. Spot gold is still down about 11% from its January 29 record peak, even though it remains nearly 15% higher on a year-to-date basis. The move highlights how sharp, and sudden, last week’s correction was.

Silver remained the standout performer, rising sharply both globally and in India. Spot silver pushed above the $90-per-ounce mark, while domestic prices jumped as much as 5% in some markets. Data from the All India Sarafa Association showed silver gaining Rs 14,300 per kg in a single day.

Gold and silver extended their recovery on Thursday, continuing to claw back losses from last week’s historic sell-off. Silver rose to around Rs 2.71 lakh per kg, while gold edged up to Rs 1.53 lakh per 10 grams, according to India Bullions data. Traders said bargain-hunting and supportive global cues helped stabilise prices after days of violent swings.

The scale of silver’s recent decline has drawn comparisons to the 1980 crash following the Hunt brothers episode. While market structures are different today, the speed of the fall stunned traders. It reinforced silver’s high-risk profile.

Gold prices in Delhi edged higher, trading slightly above Mumbai and Kolkata levels. Dealers reported steady buying during the upswing. The capital often commands a modest premium during strong rallies.

Gold prices in Chennai continued to trade at a premium compared to other major cities. Strong local demand, especially for jewellery-grade gold, supported prices. The city joined the broader nationwide rebound.

After gold and silver rallied aggressively earlier this month, traders rushed to lock in gains. The resulting profit-booking was swift and deep, triggering cascading sell orders. Markets are now trying to find a new equilibrium.

Silver continues to benefit from its dual role as both a precious and industrial metal. Demand linked to manufacturing and clean energy remains supportive over the medium term. This structural demand is helping cushion deeper losses, analysts say.

Physical buying from key markets such as China helped gold hold crucial support levels. Analysts say this underlying demand prevented a deeper slide despite dollar strength. The support triggered technical and momentum-based buying.

MCX silver futures surged to an intraday high of Rs 2,86,306 per kilogram. The rebound came as traders re-entered after last week’s heavy losses. Still, market participants remain cautious amid persistent volatility.

Silver had surged past Rs 4 lakh per kg in January before crashing sharply in recent sessions. The steep fall wiped out weeks of gains in a matter of days. Analysts say such moves underline silver’s reputation as the most volatile precious metal.

Silver prices in India bounced sharply after slipping below Rs 3 lakh per kilogram earlier this week. On Wednesday, silver traded around Rs 3.2 lakh per kg, reflecting renewed buying interest. The rebound followed a brutal correction from January’s record highs.

MCX gold futures surged to an intraday high of Rs 1,60,755 per 10 grams. The move helped prices reclaim the Rs 1.59 lakh level, seen as a key psychological threshold. Traders said technical buying and short-covering drove the rally.

The price of 24-karat gold rose Rs 551 per gram to Rs 15,944, according to Goodreturns data. This marked one of the strongest single-day gains in recent weeks. Prices of 22K and 18K gold also surged in tandem.

Gold prices in India jumped sharply on Wednesday, extending gains for a second consecutive session. The rebound followed two days of heavy selling triggered by post-Budget volatility. Investors stepped in to buy on dips as global prices stabilised.

Gold prices fell sharply alongside silver during last week’s sell-off, despite typically being more stable. The metal lost roughly $220 an ounce in under three hours during peak volatility. Analysts attributed the move to leveraged positions being unwound rapidly.

Global markets were jolted when silver plunged nearly $9 an ounce in less than three hours, according to The Kobeissi Letter. The move highlighted extreme volatility and aggressive profit-booking by traders. Gold also fell sharply during the same window, losing about $220 an ounce.

Silver’s sharp correction followed a stunning rally that pushed prices to record highs above $120 an ounce earlier this month. Analysts say the speed of that rise left the market dangerously overleveraged. Once selling began, stop-losses and margin calls accelerated the fall.

The nomination of Kevin Warsh as the next Fed chair sparked a sharp reassessment of monetary policy expectations. Warsh is widely seen as favouring tighter policy, even as rate cuts come into focus later this year. That perception lifted the dollar and pressured non-yielding assets like gold and silver.

Losses in gold and silver earlier this week came after both Washington and Tehran confirmed they would hold talks. The announcement reduced fears of an imminent military escalation in the Middle East, which had earlier pushed investors aggressively into safe-haven assets. As geopolitical risk cooled, profit-taking intensified across precious metals.

Silver once again raced ahead of gold, jumping sharply mid-week after last week’s crash. Spot silver rebounded to around $89.80 an ounce, following a near-6% rally in the previous session. Yet analysts warn that silver remains extremely unstable, with violent swings becoming the new normal.

While gold recovered, gains were capped by a firmer U.S. dollar. The greenback extended last week’s rally after President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, a pick markets view as less dovish. A stronger dollar typically makes bullion costlier for global buyers, limiting follow-through buying.

Gold prices rebounded in early Asian trade after slipping below the crucial $5,000-an-ounce mark earlier this week. Spot gold rose 1.1% to $5,019.51 an ounce as confirmation of upcoming U.S.–Iran talks eased fears of an immediate military escalation. The diplomatic signal cooled haven demand just enough to stabilise prices after days of turbulence.