Precious metals experienced a dramatic reversal on Wednesday, with 24-carat gold crashing ₹43,000 to ₹14,88,600 per 100 grams in a single day, while silver fell ₹10,000 to ₹2,50,000 per kilogram. According to Goodreturns, this represents the biggest single-day jump of ₹14,700 for gold, following a volatile session in global bullion markets. The decline came after gold had surged nearly ₹15,000 per 24K in a single day before reversing sharply amid renewed geopolitical tensions and global economic concerns. 22-carat gold dropped ₹39,500 to ₹13,64,500 per 100 grams, while 18-carat gold fell ₹32,300 to ₹11,16,400 per 100 grams. The latest crash follows earlier weakness when 24-carat gold had declined below ₹1.5 lakh to ₹1,49,900 per 10 grams and silver dropped ₹4,500 to ₹2,33,600 per kilogram.
24-carat gold rates across major Indian cities showed minimal variation with the latest decline affecting all regions. As per Goodreturns data, 24-carat gold in Delhi stands at ₹1,53,320 per 10 grams, while Mumbai, Kolkata, Hyderabad, and Chennai trade at ₹1,54,920 per 10 grams. 22-carat gold rates are uniform at ₹1,40,410 per 10 grams in Mumbai, Kolkata, Bengaluru, Hyderabad, and ₹1,42,010 per 10 grams in Chennai. Silver 999 Fine rates vary slightly with Delhi, Kolkata, and Mumbai at ₹2,59,900 per kg, while Chennai commands a premium at ₹2,69,900 per kg. Kolkata shows 24-carat gold at ₹1,53,480 per 10 grams and 22-carat at ₹1,39,040 per 10 grams, while Hyderabad trades at ₹1,53,480 per 10 grams for 24-karat and ₹1,40,690 per 10 grams for 22-karat.
Gold slipped nearly 2% to below $4,175 per ounce on Wednesday, after a 1.6% fall in the previous session, as reported by Goodreturns. Silver also saw a sharp correction, falling nearly ₹10,000 from recent highs, with prices at ₹250 per gram and ₹2,50,000 per kilogram in India. The decline came as oil prices rose on renewed hostilities between the US and Iran, fuelling concerns about inflation and interest rate hikes. Gold hit an 11-week low internationally, pressured by a stronger US dollar and rising crude oil prices amid renewed US-Iran tensions. Gold and silver have fallen more than 17% and 18.3%, respectively, since the US-backed conflict with Iran began in late February, indicating the significant impact of geopolitical tensions on precious metals prices.
Market focus has now shifted to the US inflation data due today (Wednesday), which will be crucial in shaping expectations around future Federal Reserve policy. Investors will also closely watch comments from Fed Chair Kevin Warsh for clues on the interest rate outlook. According to the Augmont Bullion report (June 8), precious metals posted one of their sharpest weekly corrections in recent months, driven primarily by a stronger-than-expected US employment report that reset rate expectations and drove the dollar sharply higher towards the 100 mark. Spot gold fell to its lowest level of 2026, declining more than 4% on the week, while silver underperformed materially, dropping 9% on June 5 alone and closing the week 7% lower. The stronger US jobs report came at a time when inflation remains well above the US Federal Reserve's target.
On MCX, gold sees support at ₹1,54,400-1,53,150 and resistance at ₹1,56,600-1,57,400, while for silver, support is pegged at ₹2,42,400-2,36,650 and resistance at ₹2,53,500-2,57,700. Jain recommends buying silver around ₹2,38,000 with a stop loss at ₹2,32,000 and a target of ₹2,51,000. As per SMC Global Securities, market sentiment remained influenced by expectations that U.S. interest rates could stay elevated for longer, limiting the upside in precious metals. COMEX Gold has immediate support near $4,390 and resistance around $4,640, with a break below $4,390 potentially triggering further downside towards $4,280. COMEX Silver is expected to trade within the $68-$78 range, while on MCX, Gold may trade between ₹1,52,000 and ₹1,63,000 and Silver is likely to remain in the ₹2,40,000-₹2,73,000 range in the coming week. The week ahead centres on May CPI data and the University of Michigan inflation expectations on Wednesday, with COMEX gold expected to range between $4,376 and $4,510.
