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Silver and golden prices declined sharply successful the futures commercialized connected Friday (January 30, 2026) arsenic traders booked profits astatine elevated levels aft a record-breaking rally, tracking a bearish sentiment successful planetary markets and a rebound successful the U.S. dollar.
On the Multi Commodity Exchange (MCX), metallic futures for March transportation plunged ₹12,169, oregon 3.04%, to ₹3,87,724 per kilogram successful a concern turnover of 8,710 lots.
The achromatic metallic had surged astir 9% to deed a grounds of ₹4,20,048 per kg connected Thursday, earlier settling astatine ₹3,99,893 per kg.
Similarly, golden futures for February declaration dropped ₹2,162, oregon 1.28%, to ₹1,67,241 per 10 grams successful 3,965 lots. In the erstwhile session, the yellowish metallic had soared astir 9%, to standard a caller highest of ₹1,80,779 per 10 grams, earlier easing to ₹1,69,403 per 10 grams connected the MCX.
"After hitting grounds highs, golden and metallic prices dropped arsenic a rebound successful the U.S. dollar triggered assertive profit-taking," said Manav Modi, Commodities — Analyst, Motilal Oswal Financial Services Ltd (MOFSL).
He said home prices fell much than planetary benchmarks successful the erstwhile marketplace session, raising terms parity concerns. The dollar scale reversed from caller lows of 96, portion the USD/ INR brace marked a grounds high.
According to Mr. Modi, the crisp rally had already driven distant immoderate carnal buyers, with the World Gold Council (WGC) noted that cardinal slope purchases moderated successful Q4 2025, though beardown capitalist inflows much than offset the slowdown.
WGC besides warned that India's golden imports are apt to diminution this twelvemonth arsenic grounds prices measurement connected jewellery request successful the world's second-largest consumer.
Globally, Comex golden futures for April transportation declined $118.06, oregon 2.2%, to $5,236.74 per ounce successful the Asian trading session. The metallic had deed a beingness precocious of $5,626.8 per ounce connected Thursday (January 29) earlier closing astatine $5,354.8 per ounce.
"Despite the pullback, golden remains connected way for its strongest monthly show since the 1980s, amid persistent economical and geopolitical uncertainty," Mr. Modi added.
Silver futures connected the Comex besides fell $4.17, oregon astir 4%, to $110.26 per ounce. It touched a grounds of $121.78 per ounce successful the erstwhile session.
"Silver fell astir 4% toward $110 per ounce, retreating from all-time precocious arsenic investors locked successful profits pursuing the grounds rally, portion rebound successful the dollar added unit connected the metal," Jigar Trivedi, Senior Research Analyst astatine IndusInd Securities, said.
He noted that metallic remains connected way for a summation of much than 50% successful January, marking its champion monthly show connected record, driven by a anemic U.S. dollar and shifting U.S. monetary argumentation outlook.
Manav Modi of MOFSL said traders volition displacement their absorption connected the U.S. Producer Price Index (PPI) numbers, which volition supply caller cues connected the monetary argumentation outlook.
