Gold, silver rates today under pressure on CME margin hike buzz. Union Budget 2026 in focus

Gold, silver rates today: Following the margin-hike trigger on the CME (Chicago Mercantile Exchange), aggressive profit-booking began on Friday, leading to a sharp crash in gold and silver prices. The COMEX gold price ended over 11% lower at $4,763.10/oz. Likewise, the COMEX silver price. After closing at $4,763.10 per ounce, the COMEX gold rate today is about 15% below its record high of $5,625.16 per ounce. However, the COMEX silver rate today is more than 31% lower than its lifetime high of $121.755 per ounce.

In India, the MCX gold rate for April futures ended at ₹1,50,849 per 10 gm, logging an intraday loss of ₹1,496 or 0.98% against the previous day's close price of ₹1,52,345 per 10 gm. The MCX gold rate today is ₹29,930, or 16.55% away from its lifetime high of ₹1,80,779 per 10 gm. Likewise, the MCX silver price for March futures ended at ₹2,91,922 per kg, which is ₹1,28,126 or 30.50% away from the record high of ₹4,20,048 per kg.

Why are gold, silver rates today under pressure?

Highlighting the reason for the sharp decline in the precious metals, Anuj Gupta, a SEBI-registered commodity expert, said, “The CME has increased margin money on copper to 20%, which has triggered margin hike buzz for gold and silver also. As gold and silver prices were already in overbought condition and the US Dollar (USD) is already under pressure after the announcement of Trump's nominee for the US Fed Chairman's post to replace the incumbent Jerome Powell, CME margin hike buzz triggered panic selling in the yellow and white metals.”

Budget 2026 in focus

Advising gold and silver investors to remain vigilant about the upcoming Union Budget 2026, Anuj Gupta said, “We may see further downside in gold and silver prices in the domestic market, as speculation suggests the central government may announce an import duty cut to boost demand in the jewellery market, which has been hit hard by soaring gold and silver prices. Some delegations of the gems and jewellery industry have also demanded a reduction in import duties on gold and silver. So, any such announcement in the Union Budget 2026 may lead to more downside movement in the precious metals.”

Hawkish US Fed strengthens US Dollar

Speaking on other reasons that are dragging gold and silver prices, Nikunj Saraf, CEO at Choice Wealth, said, “A hawkish Fed chair pick under President Trump sparked global fears of tighter policy, strengthening the USD and crushing overbought metals.”

The Choice Wealth expert said that a sharp sell-off in gold and silver prices may also trickle down to the gold and silver ETFs.

Fading uncertainty

Pointing towards the fading uncertainty hitting the safe-haven demand for gold and silver, Amit Goel, Chief Global Strategist at Pace 360, said, “After the announcement of next US Fed chief, who will be replacing the incumbent Jerome Powell, policy uncertainty regarding the US Federal Reserve has evaporated and market has an idea about the sync between the US Cental Bank's Chairman and the US President Donald Trump on the US Fed interest rates.” He said the US Fed's decision to keep interest rates unchanged strengthened the US Dollar, which also hurt the gold and silver price rally.

The Pace 360 expert also said that the easing of US-Iran tensions played an important role in driving safe-haven demand for gold and silver last week.

Gold, silver rates today: Key levels to watch

Highlighting the key levels regarding gold and silver rates today, Anuj Gupta said, “Gold rate today is in a broader $4,550 to $4,900 per ounce range at CME, whereas MCX gold rate today is in a short ₹1,35,000 per 10 gm to ₹1,80,000 per gm. However, the broader range of MCX gold rate today is ₹1,35,000 to ₹1,80,000 per 10 gm.”

“The COMEX silver rate today is in a broader range of $70 to $95 per ounce, while the MCX silver price today is in the ₹2,50,000 lakh to ₹3,50,000 lakh per kg range. High-risk investors can take a smaller MCX silver price range from ₹2,65,000 to ₹3,20,000 per kg,” added Anuj Gupta.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.