Both metals have declined 16-43 per cent from their peaks after rallying to record highs
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REUTERS
Gold prices plunged by ₹2,885 or two per cent to ₹152,765 per 10 gm against ₹155,650 on Thursday in line with the weakness in global markets and appreciation of the dollar against the rupee.
Similarly, silver prices declined by ₹16,700 to ₹2,42,433 a kg against ₹2,59,133 at close on Thursday as investors booked profit, according to the Indian Bullion and Jewellers Association data.
Gold for April delivery on MCX turned volatile and traded between ₹153,153 and ₹154,837. Silver for March delivery on MCX traded between ₹239,602 and ₹248,786.
Both metals have declined 16-43 per cent from their peaks after rallying to record highs as macroeconomic cues turned stable though geopolitical tensions continue.
Gold below $5,000/oz
Globally, gold fell below the $5,000-an-ounce level after US economic data suggested the Federal Reserve is unlikely to cut interest rates soon. Spot gold prices dropped as much as 4 per cent to $4,880 per ounce before recovering slightly to above $4,900.
Silver also witnessed a near 10 per cent decline as investors trimmed their positions amid wild swing in prices. Traders now await the US inflation data for clues on future gold trends and central banks.
Hareesh V, Head of Commodity Research, Geojit Investments said gold prices have turned choppy following their sharp swings in early 2026, but the broader structure still appears constructive. The recent volatility was driven by shifts in Fed expectations, dollar strength and speculative flows. Most institutional forecasts support a positive long-term narrative for this year, underpinned by strong central-bank buying, geopolitical uncertainty, and a softer dollar outlook, he said.
Dip to attract buying
In the near term, every dip in gold prices will attract buyers, supported by resilient safe-haven demand and slowing real yields, he added.
Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital, said though US President Trump’s deal with India and a potential deal with Brazil have reduced the tariff war uncertainty, higher inflation and continuing geopolitical uncertainties apart from the emerging split between the Global North-West (Europe, North America and parts of Oceania) and the rest of the world will continue to propel reserve banks buying gold.
Gold is well on its way to what we believe should be $6,000 an ounce level by 2026-end. We believe all dips are an opportunity to buy gold,” he said.
Published on February 13, 2026
