Gold and Silver Prices Plummet in India

Gold and silver prices have taken a hit in India's domestic market. On the Multi Commodity Exchange (MCX), gold fell to ₹1,56,400 per 10 grams by August 28, down from ₹1,62,438 on August 21. This represents a decline of ₹6,038 over just five trading days.

The price drop is not limited to the MCX. On the Indian Bullion and Jewellers Association (IBJA) website, gold prices have also declined in the domestic market. The rate for 10 grams of 24-karat gold fell by ₹1,042, dropping from ₹1,60,620 to ₹1,59,578.

Silver prices have taken an even bigger hit, plummeting from their all-time high of ₹4,20,048 per kilogram in January 2026. The current price of silver is ₹2,45,500 per kilogram, down by ₹1,83,397 from its peak.