Gold, silver prices in Mumbai dip slightly on first day of 2026; check prices

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The first day of 2026 saw a marginal drop in prices of gold and silver across major cities like Mumbai, Delhi and other major cities. Earlier on Wednesday, precious metals, especially silver, took a breather. The downfall came after a run‑up to a record high followed by aggressive profit‑booking.

The price of gold in Mumbai on the first day of the year was recorded at Rs 1,35,020 for 10 grams of 24-carat gold. The marginal drop in prices amid the year-ending celebration also experienced a sheer demand for the yellow metal across the city.

Talking about the global markets, the volatility remained elevated amid geopolitical tensions such as US strikes on Venezuela's dock facilities and Chinese naval exercises that bolstered safe‑haven demand earlier in the week, as per IANS.

On the other hand, silver futures for March 2026 on MCX tumbled 4.63 per cent to Rs 2,39,395 per kg, and gold futures for February 2026 slipped 0.51 per cent to Rs 1,35,973 per 10 grams in morning trade on Wednesday.

Gold prices in Mumbai

While the price of 24-carat gold in Mumbai stood at Rs. 1,35,020, the 22-carat gold in Mumbai was recorded at Rs 1,23,780 for 10-grams.

Gold prices in Delhi

Apart from Mumbai, the national capital also experienced a marginal decline in prices of gold. The price of 24-carat gold in Delhi on Thursday was recorded at Rs 1,35,160 for 10 grams. Whereas the price of 22-carat gold was recorded at Rs 1,23,920 for 10 grams.

Domestic spot gold prices have surged over 76 per cent year‑to‑date and international gold prices over 70 per cent in 2025, on track for their strongest annual performance since 1979.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd, while highlighting the price movements of gold, said, "Gold and silver prices witnessed sharp volatility on Tuesday, rebounding strongly from intraday lows as rising geopolitical tensions boosted safe-haven demand. Setbacks in the Russia-Ukraine peace process emerged after Russia alleged a Ukrainian drone attack on the President's residence, as per IANS.

Silver prices

Silver has support at the Rs 2,45,150-Rs 2,42,780 zone and resistance at the Rs 2,54,810-Rs 2,56,970 zone, he added.

Aggressive central bank buying, expectations of US Fed rate cuts, concerns over the impact of US tariffs, geopolitical tensions, and robust inflows into gold and silver ETFs drove the gold and silver prices this year.

A recent report from Motilal Oswal Financial Services Ltd. said that persistent inventory drawdowns across key global hubs, weakening arbitrage between Shanghai and COMEX, and repeated delivery pressures have exposed the limited availability of deliverable silver.

(With inputs from IANS)