Gold, silver see steep slide as dollar rebounds on Fed chair nominee reports
This story was originally published at 16:53 IST on 30 January 2026
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--MCX March silver contract plunges 16% to INR 336,154 per kg
--MCX April gold contract falls 8% to INR 169,600 per 10 gm
--COMEX March silver contract plunges 14% to $98.68 per ounce
--COMEX April gold contract falls 5% to $5,062.4 per ounce
NEW DELHI – Gold and silver prices fell sharply Friday, snapping a record rally, after reports that US President Donald Trump may nominate Kevin Warsh as the next Federal Reserve chair boosted the US dollar and triggered aggressive profit-taking across bullion markets.
Silver prices slipped below the $100-per-ounce mark, ending a strong rally after gaining about 63% in January, Kedia Advisory said in a report. Gold also retreated sharply after scaling historic highs in the previous session.
On the domestic front, the MCX March silver contract plunged as much as 16% to 336,154 rupees per kg, while the MCX April gold contract fell 8% to 169,600 rupees per 10 grams. The March silver contract on COMEX slid 14% to $98.68 per ounce, and the April gold contract was down 5% at $5,062.4 per ounce.
The sharp correction followed reports that Trump plans to nominate Kevin Warsh, a known inflation hawk who has recently voiced support for lower interest rates, as Federal Reserve chair. The news strengthened the US dollar, weighing on precious metals that are priced in the greenback.
Both metals had touched record highs a day earlier. Silver had surged to INR 420,048 per kg, while gold had climbed to INR 180,779 per 10 grams. "After hitting record highs, gold and silver prices dropped as a rebound in the US dollar triggered aggressive profit-taking," Manav Modi of Motilal Oswal Financial Services Ltd was quoted as saying by PTI.
The dollar index rebounded from a recent low of 96, while the rupee settled at a record closing low of 91.98 a dollar, making bullion more expensive for non-US buyers, weighing on prices.
At 1615 IST, the most active March silver contract on the MCX was at INR 348,588 per kg, down 13% from its previous close, while the most active April gold contract was down 5.5% at INR 174,398 per 10 grams. The most active COMEX April gold contract was down 5% at $5,095 per ounce, while the most active March silver contract fell 13% to $99 per ounce. End
US$1 = INR 91.98
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Pallavi Singhal
Edited by Avishek Dutta
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