Gold and silver prices in India declined markedly in the final week of 2025 and the weakness continued into the first week of 2026, offering relief to buyers after a prolonged rally last year.
India gold silver rates
On the Multi Commodity Exchange (MCX), the 24-carat gold contract for 5 February had traded at ₹1,39,873 per 10 gram on 26 December 2025. By the last trading day of the first week of 2026, that contract had fallen to ₹1,35,752 per 10 gram, a drop of ₹4,121 within a week. Compared with MCX’s lifetime high of ₹1,40,456 per 10 gram, gold was about ₹4,704 cheaper on that closing day.
Domestic spot rates tracked by the Indian Bullion and Jewellers Association (IBJA) also eased. IBJA-listed 24-carat bullion prices moved from ₹1,37,956 to ₹1,34,782 per 10 gram over the same period, a decline of ₹3,174.
Silver fell across both exchange and physical markets. One-kilogram silver prices were ₹2,39,787 on 26 December 2025 and closed the recent week at ₹2,36,599, a fall of ₹3,188 per kilogram. Silver remains substantially below its lifetime high of ₹2,54,174 per kilogram, trading around ₹17,575 lower.
Market commentators said the pullback followed an extended period of record-breaking gains in 2025, prompting profit-taking by traders and some rebalancing by investors. Global factors that commonly affect precious metal benchmarks — such as movements in the US dollar, shifts in global bond yields and expectations for interest rates — are likely to have contributed to the downward pressure on prices. Domestic demand patterns, including jewellery buying cycles and seasonal buying trends, will also have influenced local prices.
For consumers and jewellers the decline provides temporary relief after steep price increases last year. Bullion dealers and retail customers can expect more favourable buying conditions while volatility persists. For investors who purchased at or near record highs, the correction has reduced mark-to-market valuations.
Analysts caution that precious metal markets can reverse quickly. Gold and silver remain influenced by macroeconomic data, central bank signals and safe-haven demand. Short-term price falls can present buying opportunities for long-term investors but also pose risks for leveraged traders.
Regulators, exchange participants and industry bodies such as the IBJA will continue to monitor the market for unusual volatility. All market participants should consider their risk tolerance and investment horizon. As always, it is advisable to consult a qualified financial adviser before making investment decisions in precious metals.
The recent slide underscores how quickly metals markets can shift after a strong rally. Whether prices stabilise or resume an upward trend will depend on incoming domestic and international economic data and broader investor sentiment in the weeks ahead.
Key Takeaways:
- India gold silver rates fell sharply in the last week of 2025 and continued into early 2026, with 24K gold down over ₹4,000 per 10 gram on MCX.
- Domestic IBJA rates show 24K gold fell about ₹3,174 per 10 gram, while silver dropped roughly ₹3,188 per kilogram.
- Analysts point to profit-taking after a sustained rally, currency and global bond-market moves as likely drivers; investors are advised to consult financial advisers.
