Silver Slides 35% From Record High as Gold Holds Firm; Check Latest Prices Across Indian Cities

Global precious metal markets turned volatile after a sharp correction on Friday. Silver led the fall. Gold also slipped but held key levels. Investors tracked prices closely after both metals touched record highs earlier this month.

First, silver prices crashed in international trade. COMEX silver plunged more than 31% in a single session. As a result, silver now trades nearly 35% below its record high of $121.755 per ounce. This steep fall shocked traders and triggered fresh debate over profit booking and margin pressure.

Meanwhile, gold also corrected. International gold prices dropped over 11% from recent peaks. However, gold showed more stability than silver. Market participants continued to view gold as a safer hedge amid global uncertainty and weak equity markets.

Back home, Indian bullion prices reflected global trends but avoided panic selling. On Saturday, prices stayed largely flat after Friday’s decline. Traders adopted a wait-and-watch approach ahead of fresh global cues.

In Delhi, gold prices remained elevated despite the pullback. On January 31, 24-carat gold traded at ₹16,934 per gram. At the same time, 22-carat gold stood at ₹15,524 per gram. Meanwhile, 18-carat gold, also called 999 gold, quoted at ₹12,704 per gram. These levels highlighted sustained domestic demand despite global volatility.

Silver prices in the national capital settled at ₹394.90 per gram. This rate translated to ₹3,94,900 per kilogram. Although silver stayed far below its recent peak, prices held steady after the sharp fall a day earlier.

Notably, gold prices in India have trended upward since the start of the year. Equity market weakness played a major role. Investors shifted money from stocks to safer assets. As a result, gold attracted steady buying interest across major cities.

Mumbai prices tracked Delhi closely but stayed marginally lower. On January 31, 24-carat gold priced at ₹16,919 per gram. At the same time, 22-carat gold stood at ₹15,509 per gram, while 18-carat gold traded at ₹12,689 per gram. Silver prices in Mumbai matched Delhi at ₹394.90 per gram or ₹3,94,900 per kilogram.

Hyderabad followed Mumbai’s gold rates. The city reported ₹16,919 per gram for 24-carat gold, ₹15,509 per gram for 22-carat gold, and ₹12,689 per gram for 18-carat gold. However, silver traded at a premium in Hyderabad. Prices rose to ₹404.90 per gram, or ₹4,04,900 per kilogram, reflecting stronger local demand.

Bengaluru also mirrored Mumbai pricing. Gold traded at ₹16,919 per gram for 24 carat, ₹15,509 per gram for 22 carat, and ₹12,689 per gram for 18 carat. Silver in the city quoted at ₹394.90 per gram and ₹3,94,900 per kilogram.

Kolkata showed a similar pattern. Gold prices stood at ₹16,919 per gram for 24 carat, ₹15,509 per gram for 22 carat, and ₹12,689 per gram for 18 carat. Silver prices remained steady at ₹394.90 per gram or ₹3,94,900 per kilogram.

Looking back at Friday, domestic prices had already softened. On January 30, gold and silver retreated from record highs across major markets. In Mumbai, 24-carat gold traded near ₹1,70,620 per 10 grams. Delhi rates came slightly higher at around ₹1,70,770 per 10 grams. Hyderabad prices stayed broadly in line with Mumbai.

Silver on Friday quoted at ₹3,950 per 10 grams in both Delhi and Mumbai. Hyderabad again reported higher levels, with silver trading near ₹4,150 per 10 grams.