Precious Metals Market Update

Market Overview

The precious metals market has experienced significant volatility since the early March 23 trade, resulting in a loss of nearly $2 trillion in market value. The domestic futures gold price on the MCX fell 6.5% to Rs 1,35,100 per 10 grams, while silver declined 8.97% to Rs 2,06,441 per kilogram.

International Market Performance

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International spot gold traded lower in the early Comex trade, declining 2.47% to $4,492 an ounce. Silver also declined 4.78% to just above $67 per ounce.

Market Drivers

The volatility in the precious metals market can be attributed to a stronger US dollar, which opened at 93.88 against the rupee. The Brent crude prices hovered above $110 per barrel, contributing to the market uncertainty.

Gold Price Movement

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Gold prices have fallen nearly 30% from the peak of Rs 1.93 lakh on January 29, 2026. The metal's price has retreated sharply, hovering between Rs 1.50 lakh and near Rs 1.70 lakh per 10 grams on MCX.

Silver Price Movement

Similarly, silver futures have since fallen more than 50% from the record of Rs 4.39 lakh per kilogram.

Investment Strategy

According to Renisha Chainani, Head of Research at Augmont, gold is under pressure due to a combination of profit booking, a stronger US dollar, and rising real yields. Chainani suggests that investors with a medium- to long-term horizon can consider buying on dips near key support levels, but staggered buying is advisable given elevated volatility and macro uncertainty.