Global Rally Fades: Gold Slumps 1.27%, Silver Crashes 5% on MCX; Check City-Wise Prices

Gold and silver prices witnessed a sharp decline in the domestic market on Thursday, tracking a correction in global metal prices after a brief two-day rally.

On the Multi Commodity Exchange (MCX), gold futures slipped 1.27 per cent in morning trade to ₹1,50,147 per 10 grams, while silver futures plunged nearly 5 per cent to ₹2,31,500 per kg.

The precious metals came under pressure amid aggressive profit-booking, signalling a pause in the strong upward momentum both commodities have enjoyed since last year. Analysts attribute the pullback to investors locking in gains after the recent surge in prices.

In the international market, silver futures on COMEX briefly fell below the $70-per-ounce mark, tumbling as much as 10 per cent before recovering marginally. Over the past two sessions, silver has shed more than 20 per cent, reflecting a sharp sell-off triggered by the unwinding of high-leverage positions.

Gold prices also weakened globally, with COMEX gold futures down around 1.20 per cent to $4,831 per ounce at the time of writing on February 6.

What influences gold prices in India?

Gold prices in India are primarily driven by international market trends, import duties, taxes and fluctuations in the rupee-dollar exchange rate. Together, these factors determine daily price movements across domestic markets.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On February 06?

Gold continues to hold immense cultural and financial significance in India, serving both as a preferred investment avenue and an integral part of weddings and festivals.

With market conditions remaining volatile, investors and traders are closely tracking price movements. Staying updated on global cues and domestic factors remains crucial for navigating the evolving trends in precious metals.