Silver and gold prices declined sharply in the futures trade on Friday (January 30, 2026) as traders booked profits at elevated levels after a record-breaking rally, tracking a bearish sentiment in global markets and a rebound in the U.S. dollar.
On the Multi Commodity Exchange (MCX), silver futures for March delivery plunged ₹12,169, or 3.04%, to ₹3,87,724 per kilogram in a business turnover of 8,710 lots.
The white metal had surged about 9% to hit a record of ₹4,20,048 per kg on Thursday, before settling at ₹3,99,893 per kg.
Similarly, gold futures for February contract dropped ₹2,162, or 1.28%, to ₹1,67,241 per 10 grams in 3,965 lots. In the previous session, the yellow metal had soared nearly 9%, to scale a new peak of ₹1,80,779 per 10 grams, before easing to ₹1,69,403 per 10 grams on the MCX.
“After hitting record highs, gold and silver prices dropped as a rebound in the U.S. dollar triggered aggressive profit-taking,” said Manav Modi, Commodities — Analyst, Motilal Oswal Financial Services Ltd (MOFSL).
He said domestic prices fell more than international benchmarks in the previous market session, raising price parity concerns. The dollar index reversed from recent lows of 96, while the USD/ INR pair marked a record high.
According to Mr. Modi, the sharp rally had already driven away some physical buyers, with the World Gold Council (WGC) noted that central bank purchases moderated in Q4 2025, although strong investor inflows more than offset the slowdown.
WGC also warned that India’s gold imports are likely to decline this year as record prices weigh on jewellery demand in the world’s second-largest consumer.
Globally, Comex gold futures for April delivery declined $118.06, or 2.2%, to $5,236.74 per ounce in the Asian trading session. The metal had hit a lifetime high of $5,626.8 per ounce on Thursday (January 29) before closing at $5,354.8 per ounce.
“Despite the pullback, gold remains on track for its strongest monthly performance since the 1980s, amid persistent economic and geopolitical uncertainty,” Mr. Modi added.
Silver futures on the Comex also fell $4.17, or nearly 4%, to $110.26 per ounce. It touched a record of $121.78 per ounce in the previous session.
“Silver fell about 4% toward $110 per ounce, retreating from all-time high as investors locked in profits following the record rally, while rebound in the dollar added pressure on the metal,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.
He noted that silver remains on track for a gain of more than 50% in January, marking its best monthly performance on record, driven by a weak U.S. dollar and shifting U.S. monetary policy outlook.
Manav Modi of MOFSL said traders will shift their focus on the U.S. Producer Price Index (PPI) numbers, which will provide fresh cues on the monetary policy outlook.
Published – January 30, 2026 11:49 am IST
