New Delhi: Ahead of Basant Panchami, gold and silver prices witnessed a sharp decline on Thursday, January 22, 2026, rattling bullion markets across the country. According to the India Bullion and Jewellers Association (IBJA), the price of 22-carat gold fell significantly from ₹1,41,272 per 10 grams on Wednesday, January 21, to ₹1,38,773 per 10 grams on Thursday. Silver prices also registered a steep fall, with the rate of 999 purity silver dropping by more than ₹15,500 per kilogram.
At the opening of futures trading, silver prices plunged by nearly ₹20,000 per kilogram, while gold fell by around ₹4,000 per 10 grams, marking one of the sharpest single-day corrections in recent weeks.
On the Multi Commodity Exchange (MCX), silver had closed strongly on Wednesday, with the March 5 expiry contract settling at ₹3,25,602 per kilogram. However, when trading resumed on Thursday, prices dropped sharply to ₹3,05,753 per kilogram, resulting in an immediate decline of ₹19,849 per kilogram.
Gold prices mirrored the downward trend. After witnessing a strong rally over the past three days and repeatedly touching new lifetime highs, gold futures also came under pressure. On Wednesday, gold futures expiring on February 5 had closed at ₹1,52,862 per 10 grams. By Thursday, the price of 24-carat gold fell to ₹1,48,777 per 10 grams, translating into a decline of ₹4,085 per 10 grams.
The sharp correction was not limited to the physical and futures markets, as gold and silver exchange-traded funds (ETFs) also saw heavy selling. Tata Silver ETF, which had fallen nearly 25 per cent intraday, was trading around 13 per cent lower later in the session. Silver Bees declined by about 8 per cent to trade near 285, while Gold Bees was also down nearly 8 per cent. Tata Gold ETF slipped around 9 per cent. Gold and silver ETFs from major fund houses such as HDFC, ICICI and SBI also registered declines of close to 9 per cent.
Market participants attributed the sudden fall to profit booking after a sharp rally, combined with volatility in global commodity markets, even as investors remain cautious ahead of upcoming economic cues.
