Silver, gold futures decline as traders book profits after record highs

Gold and silver futures drop as traders take profits after record highs, influenced by a stronger U.S. dollar.

Silver and gold prices declined sharply in the futures trade on Friday (January 30, 2026) as traders booked profits at elevated levels after a record-breaking rally, tracking a bearish sentiment in global markets and a rebound in the U.S. dollar.

On the Multi Commodity Exchange (MCX), silver futures for March delivery plunged ₹12,169, or 3.04%, to ₹3,87,724 per kilogram in a business turnover of 8,710 lots.

The white metal had surged about 9% to hit a record of ₹4,20,048 per kg on Thursday, before settling at ₹3,99,893 per kg.

Similarly, gold futures for February contract dropped ₹2,162, or 1.28%, to ₹1,67,241 per 10 grams in 3,965 lots. In the previous session, the yellow metal had soared nearly 9%, to scale a new peak of ₹1,80,779 per 10 grams, before easing to ₹1,69,403 per 10 grams on the MCX.

"After hitting record highs, gold and silver prices dropped as a rebound in the U.S. dollar triggered aggressive profit-taking," said Manav Modi, Commodities — Analyst, Motilal Oswal Financial Services Ltd (MOFSL).

He said domestic prices fell more than international benchmarks in the previous market session, raising price parity concerns. The dollar index reversed from recent lows of 96, while the USD/ INR pair marked a record high.