Mumbai, February 5: Buyers of gold and silver have received good news as prices for these precious metals have seen a substantial decline. On Thursday, prices dropped by up to ₹28,000.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹4,123, now standing at ₹1,52,502 per 10 grams, down from ₹1,56,625.
The price of 22-carat gold has fallen from ₹1,44,873 per 10 grams to ₹1,39,692. Similarly, 18-carat gold is now priced at ₹1,14,377 per 10 grams, down from ₹1,18,619.
silver prices have also experienced a sharp decline, dropping by ₹28,123 to ₹2,54,339 per kilogram, down from ₹2,82,462.
Weakness was observed in both the spot and futures markets. As of the time of writing, the price for gold contracts due on April 2, 2026, on the Multi Commodity Exchange (MCX) has decreased by 1.13% to ₹1,51,318. The price for silver contracts due on March 5, 2026, has fallen by 8.53% to ₹2,45,925.
Internationally, gold and silver prices are also showing weakness. Gold is priced at $4,887 per ounce, down by 1.28%, while silver has decreased by 7.42% to $78 per ounce.
Jatin Trivedi from LKP Securities noted that gold has weakened during the session, with COMEX gold dropping by $100 per ounce and MCX gold falling by nearly ₹1,000. Investors are now focusing on unemployment data and other statistics from the United States.
He further mentioned that $5,000 per ounce is a resistance level for gold on COMEX, with support around $4,700-$4,750 per ounce. Consequently, gold prices may stabilize around ₹1,48,000.
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