MCX Gold and Silver Continue Downfall from their All-Time High 

February 6, 2026February 6, 2026

MCX Gold and Silver futures began Friday’s trading session on a down note, plunging up to 6%, matching the strong losses in overseas markets.
 
MCX Gold April futures were down 1% at Rs 1,48,000 per 10 grams in early trade. According to MCX data, gold prices in India have decreased by 23.3% after reaching a record high of Rs 1,93,096 on January 29.
 
MCX Silver futures fell 5.7% to Rs 2,29,187 levels. MCX Silver March futures have dropped by 45.5%, or roughly Rs 2 lakh (Rs 1,91,600), from a record high of Rs 4,20,048 at the end of last month.
 
Gold, silver, and platinum prices have wilted under selling pressure in recent days, falling from record highs. Silver prices have taken the most blow, falling up to 47.5% in the last six trading sessions from their record high.

Silver futures for March delivery in the international market fell to a low of Rs 63.90 in early Asian trading, down 47.5% from their all-time high of Rs 121.785 per ounce on January 29, 2026.

Similarly, gold prices have dropped by 17% from their peak. Gold April futures fell to Rs 4,671.74, down $955 per ounce from a lifetime high of Rs 5,626.80 set on January 29.
 
Analysts have linked the recent volatility to a combination of profit-taking following the fantastic run in commodities, increased strength in the US currency, and hints of lessening geopolitical tensions, particularly the US-Iran nuclear negotiations. The two countries will hold discussions in Oman later today.
 
The sell-off in gold and silver began last Friday, following reports that US President Donald Trump has selected Kevin Warsh as the next Federal Reserve chief.

Apart from gold and silver, platinum prices have fallen by 36% in the last six trading sessions. Platinum futures prices fell from a high of $2,818.06 to a low of $1,808.65 today.

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