Goods under restricted category needs government license for imports. File.
| Photo Credit: Reuters

Broadly recovering from the plunge from the past couple of days, the prices of silver increased further to Rs 2.67 lakh per kg on Wednesday, while gold rose to Rs 1.53 lakh per 10 grams, according to the India Bullions website. This recovery comes as a risk-on tone returned to markets and the US dollar weakened, as reported by Bloomberg.

In early Wednesday trading, gold held steady after recouping part of its earlier decline, as bargain hunters moved in following a sharp pullback from recent record levels. The metal traded close to $4,950 an ounce in early dealings, building on a jump of more than 6% in the previous session. By Tuesday’s close, prices were still about 12% below the Jan. 29 all‑time high, yet remained nearly 15% higher for the year. Silver also stabilised alongside gold.

ALSO READ: Gold, Silver Bounce Back: Key Factors Behind The Rally And What Experts Predict

Precious metals surged last month, driven by speculative trading, rising geopolitical tensions, and renewed worries about the Federal Reserve’s autonomy. But that powerful rally abruptly reversed late last week, with silver suffering its largest one‑day decline on record and gold experiencing its steepest fall since 2013. The pullback followed repeated cautions from analysts who warned that prices had risen too far, too fast.

Gold Price Today

In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 153,540 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 153,340. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 153,280.

The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 153,990, while Hyderabad and Bengaluru follow closely at Rs 153,780 and Rs 153,660 respectively, keeping the price gap between the southern hubs and the northern capital distinct.

Silver Price Today

Here is how the silver rates are unfolding across major Indian hubs today: Mumbai is the epicenter of this price rally. Prices have surged to Rs 267,410 per kg. In the national capital, Delhi, silver is keeping pace with Mumbai, currently priced at Rs 266,950 per kg.

Chennai and Hyderabad are seeing silver trade at approximately Rs 268,190 and Rs 267,830 per kg, respectively. Bengaluru follows closely, with rates hovering around Rs 267,620 per kg. Kolkata is also witnessing a surge with silver currently trading at roughly Rs 267,050.

Gold Rates City-Wise

The following rates are as per 10 grams of gold.

• Mumbai: Rs 153,540

• Delhi: Rs 153,280

• Bengaluru: Rs 153,660

• Chennai: Rs 153,990

• Hyderabad: Rs 153,780

• Kolkata: Rs 153,340

Silver Rates City-Wise

The following rates are as per 1 kg

• Mumbai: Rs 267,410

• Delhi: Rs 266,950

• Bengaluru: Rs 267,620

• Chennai: Rs 268,190

• Hyderabad: Rs 267,830

• Kolkata: Rs 267,050

ALSO READ: Gold, Silver ETFs Rebound Up To 13% After Three-Day Sell-Off As MCX Prices Recover

Nithin Kamath, founder and CEO of Zerodha, sounded a sharp warning after global commodity markets witnessed an unusually severe meltdown that saw silver crash nearly 30% and gold fall around 15% in a single session, with several metals hitting their lower circuits-the maximum allowable daily decline.

In a detailed post on X, Kamath said the volatility was so extreme that it overwhelmed even robust risk-management systems, leaving some traders losing more than their entire initial margin. He described it as one of those rare occasions where neither traders nor brokers have any escape route when markets move faster than controls can respond.

He noted that all major metals hit lower circuits, underscoring the scale of the disruption, while natural gas, in contrast, hit its upper circuit on the same day – highlighting the unpredictability dominating the market.

As a broker, there are rare days when risk management simply doesn’t work, when markets move so violently that traders lose more than their entire initial margin. When this happens, both the trader and the broker are sitting ducks with no way out.

Yesterday was one of those days… pic.twitter.com/lkfeSleky9

— Nithin Kamath (@Nithin0dha) January 31, 2026

Kamath compared it to the 2020 Covid Pandemic period when crude oil prices briefly turned negative – the only other time in Zerodha’s 16-year history when markets behaved with similar intensity. However, he noted that this time the impact was broader, spanning multiple commodities simultaneously.

Kamath warned that such violent movements are not limited to commodities, adding that a similar collapse could occur in equities, recalling how markets behaved during the 2008 financial crisis. “What happened in commodities yesterday can happen in equities too; we saw it in 2008,” he said.

He reiterated that traders often underestimate leverage risk, stressing that years of gains can be erased in one extreme session when markets gap through circuits.

ALSO READ: Gold And Silver Plunge As Wild Swings Rock Metals Markets

Friday’s crash marked one of the steepest declines in precious metals in recent months. Silver futures plunged nearly 17% to Rs 3.32 lakh per kilogram, while gold futures dropped around 9% to Rs 1.54 lakh per 10 grams as investors rushed to book profits amid weak global cues and a stronger U.S. dollar.

Kamath’s cautionary note serves as a stark reminder of the latent risks in leveraged trading and the limits of technical safeguards when markets behave unpredictably. As commodity markets continue to digest the shock, both traders and brokers are likely to revisit their risk frameworks in light of his warning.

Representational file image.
| Photo Credit: Kamal Narang

Gold price fell by ₹50 to ₹57,500 per 10 grams in the national capital on October 4 amid a fall in precious metal prices in international markets, according to HDFC Securities.

The yellow metal had settled at ₹57,550 per 10 grams in the previous trade.

Silver also plunged ₹500 to ₹71,000 per kg.

In the overseas markets, gold was quoting lower at $1,822 per ounce, while silver was flat at $21.09 per ounce.

Comex spot gold traded around its lowest level in almost seven months on the back of strong U.S. macro data and a surge in US bond yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market.
| Photo Credit: REUTERS

Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had closed at ₹60,050 per 10 grams in the previous trade.

Silver also plunged ₹300 to ₹73,300 per kg.

Gold declined further on August 10, with spot gold prices in the Delhi markets trading at ₹59,800/10 grams (the lowest level since July 13), down by ₹250 against its previous day close, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the global markets, gold and silver were quoting lower at $1,919 per ounce and $22.80 per ounce, respectively.

Today’s U.S. CPI inflation data for July will be crucial for the metal. Softer than expected CPI (Consumer Price Index) data may support the metal prices to some extent.

However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat, Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.