In a dramatic market reversal, gold prices have experienced a severe downturn, with the yellow metal slumping more than 12% to below $5,000 per ounce. This represents the most significant daily decline since the early 1980s, sending shockwaves through global financial markets.
Global Gold and Silver Prices Plummet
Spot gold price closed 8.9% lower at $4,894.23 per ounce in New York trading, while silver prices plunged even more dramatically, falling 26% to settle at $85.20 per ounce. The selloff was particularly pronounced in Asian and Indian markets, where investors reacted strongly to the global trend.
Indian Markets Witness Steep Declines
On the Multi Commodity Exchange (MCX), gold rates cracked by ₹33,113, representing an 18% decline, to close at ₹1,50,849 per kilogram on Friday. Meanwhile, MCX silver rates slumped by ₹1,07,971, or 27%, to settle at ₹2,91,922 per 10 grams. These substantial drops reflect the heightened volatility in precious metals markets.
What Triggered the Global Selloff?
The global selloff was primarily triggered by investors booking profits following a surge in the US dollar. This currency movement came after US President Donald Trump nominated former Federal Reserve Governor Kevin Warsh as a replacement for chair Jerome Powell, creating uncertainty in monetary policy expectations.
Notably, gold had recorded its best bull run since 1979 in 2025, surging over 75% during that period. Over the past two decades, gold prices have jumped by an impressive 1,500%, making the current correction particularly noteworthy for long-term investors.
Gold Rates Across Major Indian Cities
The gold price decline was reflected consistently across major Indian cities, with rates showing significant downward movement in line with national and global trends.
Mumbai Gold Rates
In Mumbai, the gold price was firmly in the red. The 24-karat gold price stood at ₹1,50,700 per 10 grams, while 22-karat gold was priced at ₹1,38,140 per 10 grams. The 18-karat gold rate in Mumbai was ₹1,13,025 per 10 grams.
Kolkata Gold Rates
Kolkata followed the national trend with 24-karat gold priced at ₹1,50,500 per 10 grams. The 22-karat gold price in Kolkata stood at ₹1,37,958 per 10 grams, and the 18-karat gold rate was ₹1,12,875 per 10 grams.
Hyderabad Gold Rates
Hyderabad's gold prices mirrored the downward movement seen elsewhere. The 24-karat gold price was ₹1,56,170 per 10 grams, with 22-karat gold priced at ₹1,38,362 per 10 grams. The 18-karat gold rate stood at ₹1,13,205 per 10 grams.
Delhi Gold Rates
In the national capital, Delhi's gold prices reflected the overall decline. The 24-karat gold price was ₹1,50,440 per 10 grams, while 22-karat gold in Delhi was priced at ₹1,37,903 per 10 grams. The 18-karat gold rate stood at ₹1,12,830 per 10 grams.
Chennai Gold Rates
Chennai's bullion market showed similar trends with 24-karat gold priced at ₹1,51,140 per 10 grams. The 22-karat gold price in the city was ₹1,38,545 per 10 grams, while the 18-karat gold rate was ₹1,13,355 per 10 grams.
Bangalore Gold Rates
In Bengaluru, the 24-karat gold price stood at ₹1,50,820 per 10 grams. The 22-karat gold price in the city was ₹1,38,252 per 10 grams, and the 18-karat gold rate was ₹1,13,115 per 10 grams.
Ahmedabad Gold Rates
Ahmedabad's gold prices corresponded with the national trend, with 24-karat gold priced at ₹1,50,900 per 10 grams. The 22-karat gold price in the city was ₹1,38,325 per 10 grams, and the 18-karat gold rate stood at ₹1,13,175 per 10 grams.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
