Gold-Silver Crash on MCX: Silver Falls ₹4,400 in a Day, Down ₹27,000 From Recent Peak

Brief By Newsbrief / 12:22 PM on 27 May 2026

Gold and silver prices saw another sharp decline on the Multi Commodity Exchange (MCX) on Tuesday morning, extending the volatility that has dominated bullion markets in recent weeks. Silver prices fell by more than ₹4,400 per kilogram immediately after trading opened, while gold prices also slipped notably.

The sharp swings began after the government announced an increase in import duty on precious metals earlier this month. Following that announcement on May 13, silver prices on MCX had surged past the ₹3 lakh per kilogram mark. However, after the initial rally, prices began correcting sharply. In just 13 days, silver prices have dropped from ₹3,00,238 per kilogram to around ₹2,72,265 per kilogram, a decline of nearly ₹28,000.

On Monday, July expiry silver contracts had closed at ₹2,76,716 per kilogram. But as trading opened on Tuesday, silver prices plunged by ₹4,451 per kilogram. Compared to its all-time high of ₹4,57,328 per kilogram recorded in January, silver is now cheaper by more than ₹1.85 lakh per kilogram.

Gold prices also moved lower alongside silver. On MCX, the June expiry 24-carat gold contract slipped from its previous closing level of ₹1,59,081 to nearly ₹1,58,100 per 10 grams. With this fall, gold is now trading almost ₹44,884 below its lifetime high of ₹2,02,984 per 10 grams.

Despite the recent correction, precious metals remain significantly costlier compared to April levels. On April 30, silver was trading around ₹2,44,456 per kilogram, meaning prices are still up by over ₹27,000. Similarly, gold has gained more than ₹7,000 per 10 grams compared to last month, highlighting the continuing uncertainty and volatility in the bullion market.