Gold and silver prices plunge ahead of Union Budget 2026; safe-haven assets hit record lows
PTC Web Desk: Gold and silver prices witnessed a significant decline ahead of the Union Budget 2026, scheduled to be presented by Finance Minister Nirmala Sitharaman. The safe-haven metals fell sharply in futures trading on Sunday, reversing much of the gains recorded earlier in the week.
In the domestic market, 24-carat gold dropped nearly 5.4% to Rs 1,69,470 per 10 gram on Saturday, after touching a record high of Rs 1,83,000 per 10 gram on Thursday. Prices fell further to Rs 1,65,500 per 10 grams in subsequent trading.
Silver experienced even steeper losses, falling around 19% to Rs 3.12 lakh per kg in the national capital. According to the All India Sarafa Association, silver dropped Rs 72,500 per kg (inclusive of all taxes) in two days, wiping out the record gains of earlier this week, when it had surged to Rs 4,04,500 per kg.
Globally, gold and silver also saw sharp corrections. Spot silver tumbled 27.07% to USD 84.70 per ounce, while gold fell 9.83% to USD 4,865.35 per ounce. Both metals had seen record rallies earlier this week, with gold rising over 20% since the end of last year.
Market analysts attribute the sharp sell-off to pre-Budget trading, as investors adjusted positions ahead of the Union Budget announcement.
- With inputs from agencies
