Gold and Silver Prices Crash: Silver Down ₹2.09 Lakh from Peak, Gold Falls Nearly ₹49,000

Brief By Newsbrief / 12:48 PM on 08 Jun 2026

Gold and silver prices experienced a significant correction last week, bringing relief to buyers after months of elevated rates. On the Multi Commodity Exchange (MCX), silver futures recorded a sharp fall, with prices declining by more than ₹18,000 per kilogram over five trading sessions.

The steepest drop came on the final trading day of the week when July silver futures fell by ₹16,595 per kilogram, marking a decline of 6.27%. As a result, silver prices slipped from ₹2,66,998 per kilogram to ₹2,48,201 per kilogram during the week. The decline becomes even more striking when compared with silver's all-time high. In January 2026, silver futures had crossed the historic ₹4 lakh mark for the first time and touched a record ₹4,57,328 per kilogram. Current prices are now ₹2,09,127 below that peak.

Gold prices also moved lower on MCX. On Friday alone, 24-carat gold futures fell by ₹3,947 per 10 grams, a drop of 2.47%. Over the course of the week, gold prices declined from ₹1,60,911 to ₹1,55,600 per 10 grams, resulting in a weekly loss of ₹5,311.

Like silver, gold remains considerably below its record high. Gold futures for August delivery had crossed the ₹2 lakh mark for the first time in January and reached an all-time high of ₹2,04,375 per 10 grams. Following the latest correction, gold is now trading ₹48,775 below that historic level.

In the domestic bullion market, prices also softened. According to data from the Indian Bullion Jewellers Association (IBJA), silver prices declined from ₹2,63,250 to ₹2,56,908 per kilogram, while 24-carat gold fell from ₹1,55,536 to ₹1,54,238 per 10 grams. The correction reflects easing momentum in precious metals after their record-breaking rally earlier this year.