Gold and Silver Prices have tumbled to fresh lows amid the continued escalation of conflict across West Asia.
On Monday, spot gold slipped below the $4,200/oz mark reaching its lowest levels since November 2025. Silver too faced severe selling pressure as the white metal tumbled down to an intraday low of $61/oz in the same session.
Gold, silver rates mirror global trends on MCX
On the Multi Commodity Exchange, the April delivery contract of gold fell to an intraday low of Rs 1,29,595 per 10 grams, marking a fall of nearly 33% from its January record high of Rs 1,93,096 per 10 grams.
The yellow metal’s restless cousin silver witnessed an even sharper decline as the May delivery contract for silver on MCX fell below Rs 2,00,00 per kg mark for the first time since December. The white metal slumped down to an intraday low of Rs 1,99,643 per kg falling over 50% from its January peak of Rs 4,09,800 per kg.
Following the sharp crash in the precious metals markets, financial publication, The Kobeissi Letter in their social media posts on X said that gold and silver have officially entered a ‘bear market’.
Is gold, silver in ‘bear territory’ now?
So are these precious metals set to kick in for a bearish decline? And what are the next key technicals to look out for?
Here is what industry experts have to say
‘Shift from greed to fear’: Why experts see this dip as a buying opportunity
According to Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities, the current decline for gold and silver is primarily driven by a spike in dollar demand, forcing investors to raise cash and reduce leverage.
He pointed out that elevated energy prices have tightened global financial conditions, while rising US bond yields have increased the attractiveness of holding dollars, noting that in such an environment, even traditional safe-haven assets like gold are not spared from liquidation pressure.
“What we saw until the end of January was irrational exuberance, and what we are witnessing now is irrational fear. If investors got carried away by greed then, this is the phase where they should make full use of fear now,” says Banerjee.
He explained that the current declines in gold do not reflect weakening fundamentals but rather a case of liquidity stress overriding asset behaviour in the short term.
“Last year, gold rallied as capital moved away from the dollar into bullion, driven by diversification and macro uncertainty. This year, the energy shock has temporarily reversed that flow, pulling capital back into the dollar and weighing on gold and silver,” the analyst says.
Key levels to watch: Gold seen stabilising, accumulation below Rs 1.30 lakh
Giving out the support levels, Banerjee added that from a levels perspective, gold is likely to stabilize between $3700 and $4100 on spot (Rs 1.15 lakh–Rs 1.30 lakh on MCX) in the near term.
He noted that any move below Rs 1.30 lakh should be used as an opportunity to start accumulating gold for the long term. On the upside, resistance is placed near $4700, which translates to roughly Rs 1.46 lakh–Rs 1.50 lakh on MCX.
Silver underperforms gold; prices below Rs 2 lakh seen as accumulation zone
As per Banerjee, silver is underperforming gold due to its dual nature as both a monetary and industrial metal. With higher energy prices raising concerns around global growth, expectations of industrial demand have weakened, adding further downside pressure on silver relative to gold.
“For silver, strong support lies in the $50–$55 range (Rs 1.70 lakh–Rs 1.80 lakh on MCX), which should act as a base in case of deeper corrections. Strategically, any price below Rs 2 lakh on MCX should be seen as an accumulation zone for silver. On the upside, resistance is seen near $71–$71.5, corresponding to approximately Rs 2.25 lakh–Rs 2.30 lakh on MCX,” the analyst remarks.
Bear market or correction? Experts say key levels still hold
Hareesh V, Head of Commodity Research at Geojit Investments stated that for gold to enter a bear market it would need to fall below the $3,200/oz, while silver will turn structurally weak only if prices decline below $44.
“Gold and silver have not officially entered a bear market. Gold has rallied more than 170% over the past two years, indicating sustained long-term strength despite recent volatility,” the analyst states.
He added that unless the aforementioned levels are breached both assets remain in a broader bullish-to-neutral trend.
Rising gold-silver ratio signals more short-term pressure
“In the short term, pressure on gold prices is likely to continue until the gold-silver ratio reaches around 75. For silver, a more meaningful reset is expected when the ratio moves closer to 100, which could mark the onset of the next breakout phase,” said Karan Aggarwal, Co-founder & CIO, Ametra PMS.
He adds that any dip below US$ 4000 for gold and US$ 50 for silver represents a reasonable entry point for investors.
Downtrend intact: Analysts advise sell-on-rise strategy amid weak technicals
Aamir Makda, Commodity & Currency Analyst at Choice Broking, said that gold and silver prices have already slipped below their 50- and 100-day moving averages. The next key support levels are seen at the 200-DEMA, placed at 129,200 for gold and 195,500 for silver.
“A breakout of this level will hasten the downward momentum. On the other side, key resistance for gold would be at 143,500 and silver would be 232,800, since overall bias is negative in both scrips,” Makda said.
He added that traders may look for a sell-on-rise opportunity if prices witness any pullback towards the respective resistance levels.
Short-term pain, long-term gain? Experts remain constructive
Experts noted that while gold and silver are seeing selling pressure, it is temporary as the structural fundamentals still stand strong.
Banerjee said that liquidity and positioning are driving the current decline in precious metal prices. “The shift from greed to fear is creating opportunities for disciplined accumulation, especially for investors willing to look beyond the near-term volatility,” he adds.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.