Silver, gold futures tumble 10% as strong U.S. dollar, Fed jitters spark selloff
The Hindu
Silver and gold futures plunge 10% amid a strong U.S. dollar and Fed uncertainty, reversing recent gains.
Silver and gold prices snapped a two-day rebound and declined sharply up to 10% in the futures trade on Thursday (February 5, 2026) amid weak trends in the international markets and a strong U.S. dollar.
On the Multi Commodity Exchange (MCX), silver for March delivery dropped by ₹26,850, or 10%, to ₹2,42,000 per kilogram. In the previous session, the white metal had settled at ₹2,68,850 per kg.
Similarly, gold for April contract depreciated by ₹2,310, or 1.51%, to ₹1,50,736 per 10 grams as compared with Wednesday's (February 4, 2026) closing level of ₹1,53,046 per 10 grams.
"Gold and silver erased recent gains, snapping a two-day rebound as renewed selling pressure and heightened volatility returned to precious-metal markets," Renisha Chainani, Head of Research at Augmont, said.
In the international market, silver and gold futures mirrored the downward movement seen in the domestic trade.
On the Comex, the white metal for March delivery dropped by $8.85, or 10.48%, to $75.55 per ounce. During the intraday trade, it plunged over 13% to hit a low of $73.38 per ounce.
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