Gold and Silver ended the session sharply lower across domestic and global markets. On Multi Commodity Exchange, gold futures for April 2, 2026 slipped to 1-month lows and closed at Rs 1,47,255 per 10 grams, down 3.77%, while silver futures for May 5, 2026, settled at Rs 2,32,688 per kilogram, falling 6.25%. The fall, as always, was sharper in silver.
The weakness followed global cues, where COMEX gold futures for April 2026 ended at $4,690.6 per troy ounce, down 4.20%, and COMEX silver futures for May 2026 closed at $71.520 per troy ounce, declining 7.83%.
The decline carried through to exchange traded funds, with both gold and silver ETFs closing lower across the board by the end of trading.
As Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold traded sharply lower near $4700, witnessing a steep decline of over $100 in a single session and nearly $300 in the last two days, as strong macro headwinds continue to weigh on prices.” He added that “the fall is primarily driven by the US Fed’s hawkish stance, which continued inflation concerns due to rising crude oil prices and ongoing geopolitical tensions involving Iran.”
He further noted, “Recent data indicates gold has slipped to one-month lows near $4710, pressured by a stronger dollar and higher bond yields, as markets price in a “higher-for-longer” interest rate scenario.” This backdrop kept pressure on prices through the close, even as traditional safe-haven triggers remained in play.
Silver ETFs
Silver-linked exchange-traded funds saw broad-based selling pressure. Tata Silver ETF Fund of Fund – Direct Plan – Growth ended at Rs 22.23, down 7.61%, while Nippon India Silver ETF FOF closed at Rs 218.98, lower by 7.65%, and Groww Silver ETF finished at Rs 23.13, declining 4.74%. HDFC Silver ETF settled at Rs 218.63 with a loss of 7.84%, Zerodha Silver ETF closed at Rs 23.65 down 5.93%, and ICICI Prudential Silver ETF ended at Rs 228.68, falling 7.59%.
Kotak Silver ETF dropped to Rs 22.08, down 8.00%, while SBI Silver ETF closed at Rs 224.48 with a decline of 7.59%. Mirae Asset Silver ETF ended at Rs 227.61, down 5.53%, UTI Silver ETF closed at Rs 221.57 with a loss of 7.28%, and DSP Silver ETF finished at Rs 219.65, declining 8.01%. Edelweiss Silver ETF ended at Rs 229.83, down 7.55%, while Motilal Oswal Silver ETF closed at Rs 227.54, falling 6.94%, Bandhan Silver ETF ended at Rs 229.80 with a loss of 7.57%, and 360 ONE Silver ETF settled at Rs 223.84, down 7.79%.
Gold ETFs
Gold exchange traded funds also closed in negative territory, though losses were relatively lower compared to silver. Tata Gold Exchange Traded Fund ended at Rs 14.45, down 3.67%, while Nippon India ETF Gold BeES closed at Rs 121.32, falling 5.15%, and Groww Gold ETF finished at Rs 14.25 with a loss of 5.57%. ICICI Prudential Gold ETF ended at Rs 125.14, down 5.37%, Zerodha Gold ETF closed at Rs 23.10 declining 5.02%, and SBI Gold ETF settled at Rs 124.85 with a drop of 5.32%.
HDFC Gold ETF ended at Rs 125.28, down 5.08%, while Angel One Gold ETF closed at Rs 13.72, falling 4.72%, and UTI Gold ETF finished at Rs 123.20 with a loss of 5.23%. Axis Gold ETF ended at Rs 121.76, down 5.45%, Kotak Gold ETF closed at Rs 122.51, declining 5.06%, and Mirae Asset Gold ETF finished at Rs 143.43 with a fall of 4.52%. Birla Sun Life Gold ETF ended at Rs 129.74, down 4.50%, LIC MF Gold ETF closed at Rs 132.90, falling 4.42%, and Quantum Gold ETF settled at Rs 122.05 with a loss of 4.61%.
Motilal Oswal Gold ETF ended at Rs 148.40, down 2.85%, while The Wealth Company Gold ETF closed at Rs 145.71, falling 4.77%, Edelweiss Gold ETF ended at Rs 147.05 with a loss of 4.79%, and DSP Gold ETF settled at Rs 142.30, down 5.25%.
Bandhan Gold ETF closed at Rs 146.51, declining 4.80%, 360 ONE Gold ETF ended at Rs 143.75 with a fall of 4.52%, Baroda BNP Paribas Gold ETF settled at Rs 146.30, down 2.27%, Union Gold ETF closed at Rs 145.40 with a loss of 3.77%, Invesco India Gold ETF ended at Rs 12,704.25, falling 5.61%, and Choice Gold ETF finished at Rs 147.51, down 3.58%.
On the domestic side, Trivedi noted, “On MCX, gold remains technically weak, with resistance now shifting lower towards Rs 150000, while key support is seen in the Rs 144000–Rs 142000 zone.”
The session closed with silver taking a deeper hit across segments, while gold remained under pressure with a weak to volatile trend in the near term.