Huge fluctuations in the prices of gold and silver continue. The price of silver fell by Rs 52,000 in the national capital on Monday. For the third consecutive day, the price of silver fell sharply to Rs 2,60,000 per kg. Weak global trends and strong US dollar became the main reasons for this. According to All India Bullion Association, the price of silver fell by about 17%. Earlier on Saturday, silver had fallen by Rs 72,500 or 19% to Rs 3,12,000 per kg. In the last three trading sessions, the price of silver has declined by Rs 1,44,500 i.e. about 36%. On January 29, it was at its all-time high of Rs 4,04,500 per kg.
Gold prices also fall drastically
The prices of gold of 99.9% purity are also facing a decline. On Monday, gold fell by Rs 12,800, or 7.73%, to Rs 1,52,700 per 10 grams (including all taxes). In the last session it was Rs 1,65,500 per 10 grams. Gold prices fell by a total of Rs 30,300, or about 17%, in three sessions. On January 29, gold was at its record high of Rs 1,83,000 per 10 grams. Investors remained busy taking profits after the sharp rally.
What do experts say
Commodities Analyst Manav Modi of Motilal Oswal Financial Services said that gold and silver remained under pressure due to the strengthening of the US dollar. Liquidity also increased as fears of a US shutdown were postponed amid reports of Trump’s tariff talks and easing of US-Iran tensions. Lemon Markets Research Analyst Gaurav Garg said that there was no change in the import duty of gold and silver in the Union Budget 2026-27. This missing a potential driving factor for home prices.
Global market also declined
Gold and silver remained weak at the global level also. The spot price of gold fell by $ 83.75 or 1.72% to $ 4,781.60 an ounce. Mirai Asset Sharekhan Research Analyst Praveen Singh said spot gold started the week with a negative trend and remained under intense selling pressure. A strong dollar and Trump’s appointment of Kevin Wersh as Fed chair also increased pressure.
Market participants will keep an eye on these
Spot silver fell by $ 1.2 or 1.42% to $ 83.49 an ounce. Saumil Gandhi, senior analyst at HDFC Securities, said market participants will keep an eye on developments in the Middle East, monetary policy in Europe, the UK and India. On the economic front, US non-farm payrolls, unemployment rate and speeches by Federal Reserve officials may weigh on precious metals prices this week.
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