Gold prices retreat from record highs, silver down by Rs 4,700. Are the metals at a turning point?
MCX Gold futures due February 5, 2026, also slipped Rs 546 or 0.38% to Rs 1,42,575 per 10 grams. Meanwhile, silver futures for March 5, 202,6 delivery dropped Rs 4,699 or 1.61% to Rs 2,86,878 per kg, retracing from their record high of Rs 2,92,960.
Gold and silver prices edged lower on Friday as stronger-than-expected economic data from the U.S. strengthened the dollar and dimmed hopes of imminent interest rate cuts by the Federal Reserve.
Spot gold dipped 0.3% to $4,601.53 per ounce by 0217 GMT, retreating from Wednesday’s record high of $4,642.72. Despite the pullback, the yellow metal remains on track for a weekly gain of nearly 2%. U.S. gold futures for February delivery also slipped 0.4%, trading at $4,605.20.
Silver saw a steeper decline, falling 1.6% to $90.80 per ounce. Still, the metal is set to log a strong weekly gain of about 13%, having touched an all-time high of $93.57 in the previous session.
The safe-haven appeal of gold was further tempered by easing geopolitical concerns. U.S. President Donald Trump indicated that fatalities linked to Iran’s protest crackdown appeared to be decreasing, and that he did not expect a wave of executions.
The U.S. dollar firmed up, heading for a third straight weekly advance. This came after the Labour Department reported a drop in weekly jobless claims to 198,000, well below the consensus estimate of 215,000, signalling continued strength in the labour market. A stronger dollar typically weighs on dollar-priced commodities, making them less attractive to foreign buyers.Gold, which doesn’t yield interest, tends to benefit when interest rates are low. However, with rate cuts now seen as less likely in the near term, the opportunity cost of holding gold rises, pressuring prices.
As of today, the U.S. Dollar Index (DXY) is hovering around 99.31, marginally down by 0.01 points or 0.01%.
Elsewhere, China’s central bank announced targeted rate cuts on Thursday aimed at propping up economic momentum. In Europe, Poland’s central bank revealed plans to raise its gold reserves to 700 tonnes, according to a statement by its governor.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,880/8 grams while pure gold (24 carat) prices stand at Rs 1,16,216/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,152/8 grams while pure gold (24 carat) prices stand at Rs 1,15,504/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,06,600/8 grams while pure gold (24 carat) prices stand at Rs 1,14,824/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,06,544/8 grams while pure gold (24 carat) prices stand at Rs 1,14,840/8 grams.
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