MCX Gold futures commenced Friday’s trading session on a notably poor note, declining by as much as 6 per cent, reflecting the significant losses observed in international markets. In the opening trade, MCX Gold April futures experienced a decline of 1 per cent, settling at Rs 1,48,000 per 10 grams. Gold prices in India have declined by 23.3 per cent from the peak of Rs 1,93,096 reached on January 29, according to data. MCX Silver futures declined by 5.7 percent, reaching levels of Rs 2,29,187. MCX Silver March futures have experienced a decline of up to 45.5 per cent, equating to nearly Rs 2 lakh (Rs 1,91,600), from their record high of Rs 4,20,048 reached at the end of the previous month. Geojit, in its daily commodity insights, anticipates that Gold prices will exhibit volatility, while the overarching outlook remains optimistic.
The brokerage report indicates that support for MCX Gold is identified within the Rs 1,47,200 – Rs 1,42,700 range, while for MCX Silver, support is observed in the Rs 2,30,177 – Rs 2,02,600 range. In the international market, prices for gold, silver, and platinum have declined under selling pressure in recent days, pulling back from their record high levels. Silver prices have experienced a significant decline, plummeting by as much as 47.5 percent over the past six trading sessions from their peak level. Gold and silver continue to exhibit volatility, with last week’s significant decline attributed to hawkish Federal Reserve expectations following Kevin Warsh’s nomination, a strengthening dollar, and substantial CME margin increases that necessitated leveraged unwinding. “Profit-taking after record highs also amplified rapid swings, keeping market sentiment fragile,” states Hareesh V.
Reports indicate that the CME Group has raised the margin on Gold futures from 8 percent to 9 percent, while the margin for Silver has been increased from 15 percent to 18 percent, effective today. Data indicates that Silver futures for March delivery in the international market declined to a low of Rs 63.90 during early Asian trading, reflecting a decrease of 47.5 per cent relative to its historical high of Rs 121.785 per ounce recorded on January 29, 2026. In a similar vein, Gold prices have experienced a correction of 17 percent from their peak. Gold April futures today experienced a significant decline, reaching a low of Rs 4,671.74, which represents a decrease of $955 per ounce compared to its all-time high of Rs 5,626.80 recorded on January 29. Recent volatility has been attributed by analysts to a combination of profit-taking after a strong performance in commodities and a resurgence in the US dollar, alongside indications of diminishing geopolitical tensions, particularly regarding the US-Iran nuclear discussions. Later today, the two nations are set to engage in discussions in Oman.
The decline in Gold and Silver commenced last Friday after news surfaced that US President Donald Trump had nominated Kevin Warsh to be the next Federal Reserve chief. Analysts contend that Warsh’s nomination, along with recent hawkish remarks from Fed officials, has diminished expectations for additional rate cuts in the US. Meanwhile, analysts anticipate that Gold prices will stabilize at current levels, with a likelihood of reaching new record highs by mid-2026.UBS indicated that they expect consolidation between $4,500 and $4,800 per ounce in the near term, driven by volatility from margin calls. They project that gold will subsequently rise toward their mid-year forecast of $6,200 and continue to view it as an appealing hedge. In addition to Gold and Silver, Platinum prices have experienced a decline of 36 percent over the past six trading sessions. Platinum futures experienced a significant decline, dropping from a peak of $2,818.06 to a trough of $1,808.65 today.