Silver Prices Crash ₹24,000/kg Below ₹4 Lakh, Gold Falls ₹10,000 per 10g: Is This the Right Time to Buy the Dip?

Gold and silver prices witnessed a sharp correction on Friday, triggering fresh debate among investors on whether the ongoing fall offers a strategic buying opportunity or signals near-term exhaustion after an extraordinary rally.

On the Multi Commodity Exchange, gold and silver futures opened deep in the red as traders booked profits following record highs earlier this week. The decline comes despite strong global fundamentals that have pushed precious metals toward their best monthly performance in decades.

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Gold and Silver Prices Today: What Happened?

MCX gold futures (February 5, 2026) slipped by nearly ₹10,000 or 6%, settling around ₹1,61,000 per 10 grams, while silver futures (March 5, 2026) plunged ₹24,000 or 6% to ₹3,75,900 per kg, slipping below the psychological ₹4 lakh mark.

The correction was largely driven by aggressive profit booking after gold surged more than 24% in January — its strongest monthly gain since 1980 — while silver rallied an unprecedented 62%, marking its best-ever monthly performance.

A firmer US dollar, following the Federal Reserve’s decision to hold interest rates steady, also weighed on precious metals in global markets. Spot gold eased to around $5,346 per ounce, while spot silver cooled to $115.83 per ounce, both retreating from record highs hit earlier this week.

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Why the Long-Term Trend for Gold and Silver Still Looks Strong

Despite the sharp fall, the broader outlook for gold and silver remains structurally bullish. Persistent geopolitical tensions, especially in West Asia, central bank gold accumulation, global debt concerns, and expectations of future monetary easing continue to support safe-haven demand.

Market experts believe volatility will remain elevated ahead of the Indian Union Budget, dollar index movements, and evolving geopolitical developments. However, key technical supports remain intact for both metals.

Analysts tracking MCX gold see strong support in the ₹1,61,100–₹1,65,500 range, while silver is expected to find buying interest near ₹3,74,000–₹3,88,000 per kg.

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Should Investors Buy the Dip in Gold and Silver?

For long-term investors, this correction is increasingly being viewed as a healthy consolidation rather than a trend reversal.

Gold buying on dips is being advised in the ₹1,68,000–₹1,64,000 range on MCX, with downside risk limited below ₹1,61,100, while potential upside targets remain ₹1,72,800–₹1,75,000 in the near term.

Silver, given its higher volatility and industrial demand exposure, may see sharper swings, but structurally remains supported as green energy, electronics, and investment demand stay robust.

For physical buyers tracking gold price in Maharashtra, gold price in Tamil Nadu, gold price in Karnataka, gold price in Delhi, and gold price in Gujarat, the correction offers a better entry point compared to last week’s overheated levels.

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State-Wise Gold Prices in India Today (Indicative Physical Market Rates) (22 Carat and 24 Carat, per 8 grams)

State	22 Carat Gold Price	24 Carat Gold Price
Maharashtra	₹1,31,168	₹1,43,088
Delhi	₹1,31,488	₹1,43,208
Karnataka	₹1,31,168	₹1,43,088
Tamil Nadu	₹1,34,408	₹1,46,632
Telangana	₹1,31,168	₹1,43,088
Gujarat	₹1,31,300	₹1,43,150
Rajasthan	₹1,31,450	₹1,43,200
Uttar Pradesh	₹1,31,520	₹1,43,260
Madhya Pradesh	₹1,31,200	₹1,43,100
West Bengal	₹1,31,600	₹1,43,350
Punjab	₹1,31,480	₹1,43,220
Haryana	₹1,31,450	₹1,43,200
Bihar	₹1,31,650	₹1,43,400
Odisha	₹1,31,580	₹1,43,300
Andhra Pradesh	₹1,34,300	₹1,46,500
Kerala	₹1,34,550	₹1,46,800
Chhattisgarh	₹1,31,250	₹1,43,120
Jharkhand	₹1,31,550	₹1,43,280
Assam	₹1,31,700	₹1,43,450

Prices may vary slightly based on local taxes, making charges, and jeweller premiums, but these levels reflect prevailing physical market trends across states.

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What This Means for Retail and Long-Term Investors

The current decline has brought gold prices in states like Maharashtra, Delhi, Karnataka, and Telangana closer to technically strong accumulation zones. For wedding buyers, systematic investors, and portfolio hedgers, staggered buying during dips remains a prudent strategy.

Silver investors should brace for higher volatility but may benefit from long-term structural demand linked to electrification, solar power, and industrial usage.

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Bottom Line

The sharp fall in gold and silver prices appears to be driven more by profit booking than by a breakdown in fundamentals. With global uncertainty still high and macro risks unresolved, precious metals continue to play a vital role as portfolio stabilisers.

For investors tracking gold price in India state-wise, this correction offers opportunity with caution — best approached through phased buying rather than aggressive lump-sum exposure.

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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Commodity prices are subject to market risk. Investors should consult financial advisors before making investment decisions.

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