Ahead of the Union Budget 2026 presentation by Finance Minister Nirmala Sitharaman, gold and silver prices experienced a significant decline. On Sunday, these safe-haven assets reached lower circuit levels in futures trading.
On Saturday, gold experienced significant fluctuations in the commodity market, dropping approximately 5.4 percent to ₹1,69,470 per 10 grams for 24 karat gold. Internationally, gold prices fell by more than 9 percent to USD 4,887 per ounce.
In the national capital on Saturday, silver prices fell by 19 percent to ₹3.12 lakh per kilogram.
The All India Sarafa Association reported that silver experienced a significant decline of 18.85 percent, amounting to ₹72,500, bringing the price down to ₹3,12,000 per kilogram, including all taxes. This marks the second consecutive day of substantial losses, erasing much of the record gains achieved earlier in the week, as reported by PTI news agency.
Gold prices fell by ₹3,500, or 2.07 percent, to ₹1,65,500 per 10 grams, including all taxes.
This week, gold and silver prices have reached unprecedented highs.
On Thursday, silver reached an all-time high of ₹4,04,500 per kg before dropping by 15 percent in the prior session.
On Thursday, gold reached an all-time high of ₹1,83,000 per 10 grams, but then fell by 7.6 percent to ₹1,69,000 per 10 grams in the last trading session.
The price of gold increased by 20.2 percent, equivalent to ₹27,800, from ₹1,37,700 per 10 grams as noted at the close of the previous year.
Both metals experienced a significant decline in international markets, with spot silver dropping by USD 31.44, or 27.07 percent, to finish at USD 84.70 per ounce. This followed an intraday plunge of 36 percent to USD 73.30 per ounce for spot silver, while gold prices decreased by USD 530.53, or 9.83 percent, closing at USD 4,865.35 per ounce.