Silver prices declined sharply from record levels, plummeting ₹12,500 to ₹2,43,500 per kg, while gold receded by ₹900 in the national capital on Thursday (January 8, 2026), amid a rush of profit-booking globally.

According to the All India Sarafa Association, the white metal surged ₹5,000 to touch a record high of ₹2,56,000 per kg in the previous session on Wednesday (January 7, 2026).

In the local bullion market, the price of gold of 99.9% purity decreased by ₹900 to ₹1,40,500 per 10 grams (inclusive of all taxes) compared to the previous close of ₹1,41,400 per 10 grams.

“Gold extended its fall on Thursday (January 8, 2026), weighed down by long liquidation as traders reduced their positions due to ease of safe-haven demand and a stable U.S. dollar,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold fell by $29.65, or 0.67%, to $4,426.91 per ounce, while silver traded 3.22% lower, or $2.51, to $75.67 per ounce.

Investors adopted a cautious stance ahead of key events, including anticipated rulings on Donald Trump’s tariffs by the U.S. Supreme Court on Friday (January 9, 2026) and the release of the December labour market data, which also acted as headwinds for bullion prices, Mr. Gandhi said.

Jateen Trivedi, VP research analyst of commodities and currency at LKP Securities, said market participants will await Friday’s (January 9, 2026) non-farm payrolls report, which is likely to add volatility and provide direction to bullion prices.

About the outlook, Mr. Gandhi added, “We expect the ongoing corrective phase in bullion prices to persist for the day, and the market remains under pressure from position unwinding and cautious investor sentiment.”

Silver prices extended their record-breaking rally for a sixth straight session on Monday (December 29, 2025), surging 6% to touch a lifetime high of ₹2,54,174 per kilogram in futures trade amid strong investor demand and bullish global trends.

On the Multi Commodity Exchange (MCX), silver futures for March delivery surged ₹14,387, or 6%, to hit a new record of ₹2,54,174 per kilogram. The white metal has been witnessing robust buying interest from traders, tracking firm trends in the international markets.

Meanwhile, gold futures hovered near all-time highs in the domestic futures market. On the MCX, the yellow metal for February delivery gained by ₹357, or 0.26%, to ₹1,40,230 per 10 grams.

It had scaled a fresh peak of ₹1,40,465 per 10 grams on Friday.

In the international markets, gold futures opened on a positive note but later trimmed all its early gains to trade lower at $4,536.80 per ounce, down by $15.90, or 0.35%, as investors booked profits after last week’s rally.

However, silver futures crossed the $80-per ounce mark for the first time on the Comex. The March 2026 contract climbed $5.47, or 7.09%, to touch a record level of $82.67 per ounce, driven by expectations of lower interest rate cuts by the U.S. Federal Reserve next year and strong industrial demand.

Extending its blistering rally for the fifth straight session, silver prices on Friday (December 26, 2025) surged ₹8,951 to hit a fresh record high of ₹2,32,741 per kilogram in futures trade as the white metal breached the $75-per ounce-mark in the global market.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 contract jumped ₹8,951, or 4%, to an all-time high of ₹2,32,741 per kg. The white metal had gained ₹29,176, or 14.33%, since December 18.

In addition, gold prices crossed the ₹1.39 lakh per 10 grams mark for the first time on the commodities bourse. Rising for the fourth straight session, the yellow metal for February delivery jumped ₹1,119, or 0.81%, to scale a new lifetime high of ₹1,39,216 per 10 grams.

The commodity markets remained closed on Thursday on account of Christmas.

Meanwhile, bullion prices gathered pace as gold and silver hit lifetime highs in the international market. On the Comex, yellow metal futures for February delivery rose $58.8, or 1.3%, to touch a new peak of $4,561.6 per ounce.

“Gold prices rose to around $4,500 per ounce on Friday, after briefly hitting an all-time high of $4,530 earlier in the session, driven by safe-haven demand amid mounting geopolitical tensions and expectations of interest rate cuts by the U.S. Federal Reserve,” Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

Rallying for the fifth straight day, silver futures for March contract increased by $3.81, or 5.31%, to scale a fresh peak of $75.49 per ounce on the Comex. It had settled at $71.68 per ounce on Wednesday.

Mr. Trivedi said the U.S. blockade of Venezuelan crude shipments, continued hostilities between Russia and Ukraine, and Washington’s recent military strike against ISIS in Nigeria have reinforced safe-haven demand for bullion prices.

Investors continue to price in two quarter-point rate cuts by the Federal Reserve next year as inflation cools and labour market conditions soften, even as Fed officials remain divided on the path ahead.

“Gold prices have surged more than 70% so far this year, marking its largest annual gain since 1979, with the rally also underpinned by strong central bank buying and sustained exchange traded fund (ETF) inflows,” he added.

According to commodity market experts, the record-setting run in bullion could persist in early 2026, supported by easing inflation, a weak dollar, and persistent geopolitical risks that continue to fuel safe-haven demand.

Gold prices declined ₹612 to ₹1,09,210 per 10 grams in domestic futures trade on Thursday as speculators cut positions following a firm recovery in the dollar after the U.S. Federal Reserve’s cautious policy stance dampened bullion’s rally.

On the Multi Commodity Exchange (MCX), gold futures for October delivery depreciated ₹612 or 0.56% to ₹1,09,210 per 10 grams.

The December contract also diminished ₹566 or 0.51% to ₹1,10,300 per 10 grams.

Silver prices weakened too. The white metal futures for December delivery slipped ₹604 or 0.48% to ₹1,26,380 per kilogram, while the March next year contract fell ₹630 or 0.49% to ₹1,27,985 per kg.

“The Federal Reserve announced its first 25 basis point rate cut of 2025, which aligned with market expectations. However, the policy stance for 2026 was less dovish, as markets are now anticipating only one potential rate cut next year.

“This shift in outlook weighed on bullion prices, which had rallied strongly in recent weeks on aggressive rate cut bets and increased geopolitical tensions,” said Deveya Gaglani, Senior Research Analyst – Commodities, Axis Securities.

The Federal Reserve said on Wednesday that economic activity moderated in the first half of the year, job gains slowed, unemployment edged up, while inflation remained somewhat elevated.

“In light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-4.25%,” the U.S. central bank added.

Commodities market experts noted the central bank has still signalled two more rate cuts this year, which could support gold in the medium term.

Globally, gold futures for December delivery dropped $28.05 or 0.75%nt to $3,689.75 per ounce after hitting a record $3,744 in the previous session.

Silver futures were down 1.05% at $41.71 per ounce, retreating from a 14-year high of $43.43 earlier this week.

Fed Chair Jerome Powell described the latest move as “risk management” amid labour market weakness, stressing there is no need to rush easing. However, newly appointed Governor Stephen Miran dissented, seeking a larger 50 basis points cut.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.35% to 97.21, further weighing on bullion prices.

“The dollar index hovered above 97 on Thursday after rebounding sharply in the prior session, as investors reassessed the Federal Reserve’s policy outlook,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.