Gold and Silver Prices Crash: Silver Falls ₹1.29 Lakh, Gold Drops ₹30,000 in 24 Hours

31 Jan 2026 12:57 IST

On January 31, 2028 (Saturday), gold and silver prices witnessed a sharp decline. This crash-like situation in gold and silver has worried investors. In fact, on Thursday, the price of silver on the MCX had reached its highest level of ₹4,20,000 per kilogram, which has now fallen to ₹2,91,000 per kilogram. This means that silver prices have fallen by ₹1,29,000 in 24 hours. Similarly, the price of gold on the MCX, which had reached close to ₹1,80,000 per 10 grams, has now fallen to ₹1,50,849 per 10 grams. This means that gold prices have also fallen by approximately ₹30,000.

Gold and Silver Prices

Gold Prices

Gold and silver prices on the Multi-Commodity Exchange of India (MCX) had been fluctuating rapidly for the past few days. A sharp surge in prices was recorded on Thursday. However, this surge halted on Friday. The reasons behind this included profit-taking by investors, a weaker US dollar, the Federal Reserve keeping interest rates stable, and high inflation in the US.

Gold and Silver Prices on COMEX

Silver Hits ₹2 Lakh

This decline in gold and silver prices was observed not only in domestic markets but also in international markets. On COMEX, the price of silver had reached its highest level of $119 per ounce, which has now fallen sharply to $85.250 per ounce. Similarly, gold prices, which had crossed $5500 per ounce, have now fallen to $4,879.60 per ounce.

What do experts say?

Gold Silver Price Today

Market experts have also expressed concern over this decline in gold and silver prices. Brokerage firm Motilal Oswal has also stated that gold prices are heading towards their monthly low. They had also predicted a sharp fall in silver prices yesterday. In 2025, leading up to the beginning of 2026, gold and silver prices witnessed a significant surge. Following this, market experts, including Robert Kiyosaki, author of the "Rich Dad Poor Dad" series and a well-known investor, have also predicted a substantial increase in gold and silver prices in 2026.

(Disclaimer: It is essential to check current prices before buying gold or silver. Prices may vary depending on the city. Therefore, it is advisable to check the latest rates at a local jewelry store in your city.)