Spot gold, silver down in thin trade on global market holiday, margin hikes
This story was originally published at 16:44 IST on 1 January 2026
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MUMBAI – Gold and silver prices in the spot market fell Thursday in thin trade on a lack of fresh triggers from international markets on account of the New Year's Day holiday. Prices also fell owing to a rise in margins on precious metal futures.
Spot gold of 99.9% purity was trading in the Mumbai market at INR 133,151 per 10 grams, down from INR 133,195 per 10 grams Wednesday. Spot silver of 99.9% purity edged lower at INR 227,900 per kg, compared with INR 230,420 per kg Wednesday, Kumar Jain, spokesperson, India Bullion and Jewellers Association, said. "The prices fell due to thin trading as it is the New Year and also because of a rise in margins on precious metal futures," jewellers said.
The Chicago Mercantile Exchange announced that it would raise margins on precious metal futures for the second time in a week. The group has increased the margin on silver futures by 30% to $32,500 from $25,000, and on gold futures by 9% to $24,000 from $22,000, it said in a release.
However, the fall in prices was limited by the continuing war between Russia and Ukraine, Kumar Jain said. Vladimir Saldo, the Russian-installed governor of Ukraine's southern Kherson region, accused Ukraine Thursday of killing at least 24 people in a drone strike on a hotel and cafe where New Year celebrations were being held, Reuters reported. End
US$1 = INR 89.96
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Rajeev Pai
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