New Delhi: Gold prices slipped on Friday after touching fresh lifetime highs earlier this week, as traders opted for profit-booking amid caution over global economic uncertainty.

On the Multi Commodity Exchange (MCX), gold futures for December delivery dropped by Rs 643 or 0.55 per cent to Rs 1,16,945 per 10 grams in 15,733 lots. The February 2026 contract also fell Rs 646 or 0.54 per cent to Rs 1,18,213 per 10 grams. Both contracts had scaled new peaks in the previous session, with the December contract reaching Rs 1,18,444 and the February contract touching Rs 1,19,674.

Gold (MCX Futures):

  • December 2025 contract: fell ₹643 (-0.55%) to ₹1,16,945/10g (15,733 lots)
    Previous high: ₹1,18,444/10g
  • February 2026 contract: fell ₹646 (-0.54%) to ₹1,18,213/10g
    Previous high: ₹1,19,674/10g

Silver (MCX Futures):

  • December 2025 contract: slumped ₹2,170 (-1.5%) to ₹1,42,550/kg (19,818 lots)
    Previous high: ₹1,45,715/kg
  • March 2026 contract: fell ₹1,996 (-1.36%) to ₹1,44,266/kg (2,400 lots)
    Previous high: ₹1,47,784/kg

Darshan Desai, CEO of Aspect Bullion & Refinery, noted that gold remains in “overbought” territory after a rally of nearly 50 per cent this year. “Prices saw mild profit-taking, but ongoing uncertainty around the US government shutdown and its impact on Federal Reserve policy may limit downside pressure from a stronger dollar,” he said.

Investors are expected to re-enter at lower levels, with demand likely from Exchange Traded Funds and central banks, according to Desai.

Silver also corrected after recent highs. December futures slumped by Rs 2,170 or 1.5 per cent to Rs 1,42,550 per kilogram, while March 2026 futures dropped Rs 1,996 to Rs 1,44,266. Both had touched fresh records earlier this week, with the December contract hitting Rs 1,45,715 and the March contract touching Rs 1,47,784.

Manav Modi, Analyst at Motilal Oswal Financial Services, said silver’s decline followed profit-taking after all-time highs, with added pressure from the US government shutdown delaying key economic data releases.

Globally, gold futures traded at USD 3,867.15 per ounce, lower than the record USD 3,923.30 seen in the previous session. Silver futures, however, edged higher by nearly 1 per cent to USD 46.79 per ounce.

Jigar Trivedi, Senior Analyst at Reliance Securities, said silver remains supported by expectations of further US rate cuts and uncertainty from the shutdown. Markets are currently pricing in two Federal Reserve rate cuts by December.

Commodity markets in India were shut on Thursday due to Gandhi Jayanti and Dussehra.
(With PTI inputs)
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