By vmg@gmail.com 
Silver and gold futures witnessed a sharp correction on Friday (January 30, 2026) as traders booked profits following a historic rally that pushed prices to all-time highs in the previous session. The decline was triggered by a rebound in the U.S. dollar, weak global cues, and concerns over price sustainability at elevated levels.
Both precious metals had surged nearly 9% in a single session, prompting aggressive profit-taking across domestic and global markets.
🔻 Silver Futures Slide Over 3% on MCX
On the Multi Commodity Exchange (MCX), silver futures for March delivery plunged:
| Contract | Price | Change | Volume |
|---|---|---|---|
| Silver (March) | ₹3,87,724/kg | ▼ ₹12,169 (-3.04%) | 8,710 lots |
Silver had earlier surged to a record high of ₹4,20,048 per kg on Thursday before settling at ₹3,99,893 per kg.
Market participants cited heavy selling pressure as prices became overheated after the rapid rally.
🟡 Gold Futures Also Retreat After Record Peak
Gold futures followed a similar trend, correcting sharply after touching lifetime highs.
| Contract | Price | Change | Volume |
|---|---|---|---|
| Gold (February) | ₹1,67,241/10g | ▼ ₹2,162 (-1.28%) | 3,965 lots |
In the previous session, gold prices had surged to a record ₹1,80,779 per 10 grams, before closing at ₹1,69,403 on the MCX.
💬 What Experts Say
According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd (MOFSL):
“After hitting record highs, gold and silver prices dropped as a rebound in the U.S. dollar triggered aggressive profit-taking.”
He added that domestic prices fell more sharply than international benchmarks, raising price-parity concerns.
Key Market Factors:
• U.S. dollar index rebounding from lows near 96
• USD/INR touching record highs
• Reduced physical buying due to elevated prices
🌍 Global Market Snapshot
COMEX Precious Metals Performance:
| Metal | Price | Change |
|---|---|---|
| Gold (April) | $5,236.74/oz | ▼ $118.06 (-2.2%) |
| Silver | $110.26/oz | ▼ $4.17 (-4%) |
Gold had touched a lifetime high of $5,626.8 per ounce, while silver scaled $121.78 per ounce in the previous session.
📉 Demand Concerns Emerge
The World Gold Council (WGC) has noted:
• Central bank gold purchases moderated in Q4 2025
• Strong investor inflows offset the slowdown
• India’s gold imports may decline in 2026 due to record prices
• Jewellery demand likely to weaken in price-sensitive markets
High prices have already pushed some physical buyers out of the market, analysts said.
📊 Despite Correction, Monthly Gains Remain Strong
Despite Friday’s pullback:
• Gold is heading for its strongest monthly performance since the 1980s
• Silver is up over 50% in January, marking its best monthly gain ever
Analysts attribute the rally to:
• Weak U.S. dollar
• Changing U.S. monetary policy outlook
• Persistent geopolitical and economic uncertainty
🔮 What to Watch Next
Market participants are now eyeing:
• U.S. Producer Price Index (PPI) data
• Inflation cues influencing Federal Reserve policy
• Currency movement and bond yields
These factors will determine the near-term direction of gold and silver prices.