Silver crashes ₹24,000 in 48 hours; gold slips ₹2,899 amid sharp bullion correction

The bullion market has undergone a sharp correction this week, with gold and silver witnessing a dramatic price reset after touching record highs in January 2026. As of February 13, silver futures have fallen to Rs.2.42 lakh per kg, plunging nearly Rs.24,000 in just two days from its recent peak of Rs.4.20 lakh per kg. 

Gold has also slipped by around Rs.2,900 to trade at Rs.1.51 lakh per 10 grams, down from its January high of Rs.1.93 lakh. Retail prices in major cities remain slightly higher due to taxes and local demand, but the broader trend signals a clear cooling-off phase in the bullion rally.

The correction has been largely driven by global economic shifts rather than weak demand. The nomination of Kevin Warsh as the next US Federal Reserve Chair has sparked expectations of tighter monetary policy, reducing hopes of aggressive rate cuts that typically boost precious metals. Strong US jobs data has further strengthened the US Dollar, making gold and silver more expensive globally and triggering a sell-off.

 Additionally, heavy profit booking after January’s historic surge—especially in silver—caused automated stop-loss selling, accelerating the fall. Cooling geopolitical tensions between the US and Iran have also reduced the “safe-haven” premium that previously pushed prices higher. Despite the slump, analysts believe long-term fundamentals remain intact, particularly for silver due to strong industrial demand from solar, EV, and AI sectors, though short-term volatility is expected to continue.