If you were planning to buy gold or silver, then today can be a day of some relief for you. There has been a huge upheaval in the bullion market in one stroke, where the price of silver fell by Rs 20,000, while gold also became cheaper by Rs 6000. A sharp fall of 4.18% was recorded in silver prices at 9:30 am on Friday, January 30, 2026 in the Indian futures market (MCX). The price of silver fell sharply compared to the previous session to Rs 3,80,181 per kg. Let us tell you that just a day ago silver had crossed the historical level of Rs 4 lakh. Similarly, a big decline is also being seen in gold. Gold of 24 carat purity is trading at Rs 1,77,710 per 10 grams, falling 3.04%. Yesterday this price had reached close to Rs 1.83 lakh.
Why did this decline occur?
In the last one week, silver had increased by about Rs 1 lakh. Today investors started booking their profits at upper levels, leading to a sharp fall in prices. At the same time, after the strengthening of the US dollar and the stance of the Federal Reserve, there is pressure on precious metals in the international market. Apart from all this, in the budget to be presented on February 1, there is a possibility that the government may reduce the import duty on gold and silver. In this hope, traders have started heavy selling.
What is your advice to customers?
Market experts believe that this pre-budget instability may continue. This fall can be a big opportunity for those who want to buy jewelry for weddings. However, investors are advised to wait for tomorrow’s budget speech as tax announcements will decide the further direction of prices.
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