Precious metals witnessed a significant downturn in India on Wednesday, April 29, 2026, with both gold and silver recording notable declines in domestic spot and futures markets.
According to the All India Sarrafa Association, 24K gold in the Delhi sarrafa market fell by ₹1,800 to ₹1,54,300 per 10 grams, inclusive of all taxes. This came after it closed at ₹1,56,100 per 10 grams on Monday. The association also reported that silver dropped sharply by ₹6,500 to ₹2,44,000 per kilogram, inclusive of taxes, compared to ₹2,50,500 per kilogram previously.
On the Multi Commodity Exchange (MCX), gold futures for 24K purity edged lower by 0.07 percent, or ₹109, settling at ₹1,49,918 per 10 grams. Silver futures on MCX declined by around 0.1 percent, or ₹245, to ₹2,37,100 per kg. Data from the Indian Bullion and Jewellers Association (IBJA) showed 24K gold at ₹1,48,782 per 10 grams and silver at ₹2,36,541 per kg in early Wednesday trading.
International spot gold weakened to $4,586.50 per ounce, reflecting a drop of $95.37, or about 2.04 percent. Silver in the global market fell by $2.33, or roughly 3.09 percent, to $73.18 per ounce. GoodReturns indicated 24K gold trading near ₹1,51,070 per 10 grams and silver around ₹2,60,000 per kg.
The price weakness extended to jewellery segments. For 24K gold, rates stood at approximately ₹15,107 per gram, translating to ₹1,51,070 per 10 grams and ₹1,20,856 for 8 grams. The 22K gold rate was around ₹13,849 per gram (₹1,38,490 per 10 grams), while 18K gold was priced at about ₹11,334 per gram.
Market observers noted that these declines followed record highs earlier in the year. On January 29, 2026, gold futures had touched an all-time high of ₹1,80,779 per 10 grams on MCX, while silver futures peaked at ₹4,20,048 per kg.
The correction in both domestic and international prices occurred amid broader market volatility. Reports highlighted ongoing geopolitical tensions, including between the US and Iran, as a factor influencing sentiment in precious metals.
This substantial drop on Wednesday offered some relief to jewellery buyers and investors who had been tracking elevated rates in recent months. However, analysts caution that prices remain sensitive to global developments, currency movements, and macroeconomic shifts.