New Delhi, June 15, 2026, 00:32 IST
- MCX silver futures are still trading over ₹2.10 lakh per kg under their January peak after a choppy week.
- IBJA data shows 999 gold dropped ₹6,438 per 10 grams and silver lost ₹14,326 per kg between June 5 and June 12.
- Traders are keeping an eye on the U.S. Federal Reserve, Bank of Japan, crude prices and any U.S.-Iran news for signals on where bullion goes next.
Gold and silver slipped this week in India, even as prices bounced late in the week. Investors are watching to see if the drop signals a chance to buy or more downside. July silver futures on MCX finished Friday at ₹2,46,604 per kg, down from ₹2,48,537 on June 5. August gold futures lost ground, falling from ₹1,55,594 to ₹1,50,675 per 10 grams for the week.
The correction looks sharper against old highs. Aaj Tak says MCX silver trades ₹2,10,724 per kg below its January record of ₹4,57,328, and gold is down about ₹53,700 per 10 grams from the January high at ₹2,04,375. Silver slid ₹20,394 per kg in 10 sessions off the May-end close Aaj Tak cited, showing how fast momentum has turned for the metal.
Spot benchmark prices showed steep losses, according to official IBJA data. The India Bullion and Jewellers Association’s latest closing had 999 gold at ₹1,47,800 per 10 grams on June 12, versus ₹1,54,238 on June 5—a drop of ₹6,438 for the week. Silver 999 settled at ₹2,42,582 per kg on June 12, down ₹14,326 from ₹2,56,908 on June 5. IBJA reminds that its gold prices are per 10 grams, silver per kg, and both exclude 3% GST and making charges.
Gold and silver prices in India didn’t move much on Sunday, with live MCX trading shut over the weekend. Mint said 24k gold was at ₹1,50,900 for 10 grams as of 7:30 a.m., and 22k gold at ₹1,38,325 for 10 grams. Silver 999 fine traded at ₹2,47,630 per kg. All prices matched Friday’s close.
The drop in prices is important since gold is seen as a safe-haven, so buyers tend to turn to it during times of uncertainty. Silver sees both investor and industrial demand. Live Hindustan reported weaker bets on U.S. rate cuts and a firm dollar are pressuring gold. Risks like West Asia tensions, high oil and global uncertainty are still there.
Bullion traders are tracking policy moves from the Bank of Japan, the Fed, and the Bank of England, plus inflation numbers and news around U.S.-Iran ties, analysts told The Times of India. “However, any escalation would be negative for markets,” said Pranav Mer, VP at JM Financial Services. Jateen Trivedi, VP at LKP Securities, said, “Gold prices declined sharply.” The Times of India
Silver’s sharp drop has traders split on whether weak demand is to blame or if it’s just a pullback from too much speculative buying. Hareesh V, head of commodity research at Geojit Investments, told The Economic Times, “the current correction has largely been driven by speculative unwinding and macroeconomic factors rather than a structural demand slowdown.” Where silver goes next will depend on the dollar, what markets think about U.S. rates, crude oil, and if geopolitical worries push safe-haven flows or keep weighing on demand for its industrial uses. Economictimes
