Gold & Silver Plunge for Second Day Amid Profit-Booking, US Jobs Data Ahead (8 Jan 2026)

Indian gold and silver markets witnessed a significant correction for the second consecutive day on January 8, as prices dipped across major cities and on the Multi Commodity Exchange (MCX). The precious metals, a traditional favourite for Indian investors and jewelry shoppers, faced considerable selling pressure, extending losses seen earlier in the week.

On the MCX, gold futures recorded a notable fall of ₹1,560 per 10 grams, representing a decline of nearly 1% or 0.75%. Silver bore an even heavier brunt, plunging by as much as ₹12,800 per kilogram in some reports, with others citing falls of ₹12,500 and ₹9,813. This widespread decline was reflected in spot prices across major Indian cities like Mumbai, Chennai, Delhi, Bengaluru, and Kolkata, where rates for 18, 22, and 24 karat gold eased for jewelry buyers.

Market analysts attributed the sharp downturn primarily to intensified profit-booking by investors, who opted to cash in on recent gains. This sentiment was further amplified by the impending release of crucial US jobs data, which often provides significant direction to global markets and, by extension, precious metal prices. A strengthening US dollar played a pivotal role in making gold less attractive for international buyers, while firming bond yields also diverted investor interest away from non-yielding assets like gold. Experts noted that these global cues were creating an environment for a potential near-term correction in gold prices.

For Indian investors and jewelry shoppers, today's decline presents a moment of caution and opportunity. While the immediate outlook suggests a possibility of further near-term correction, the current dip could be viewed by some as an attractive entry point for long-term accumulation, particularly ahead of the upcoming wedding season. However, market participants are advised to closely monitor global developments, especially the outcome of the US jobs data, which will likely dictate gold's trajectory in the coming days. Staying informed about city-specific rates for different karats will be essential for making informed purchasing decisions.