Precious metals markets reeled from a severe weekly downturn, slashing gold prices by over ₹11,000 and silver by a whopping ₹28,000 in India. IBJA data reveals 24-karat gold at ₹1,47,218/10g after a ₹11,181 cut from ₹1,58,399. Similarly, 22-karat fell to ₹1,34,852 from ₹1,45,093, and 18-karat to ₹1,10,414 from ₹1,18,799.
Silver prices crashed harder, landing at ₹2,32,364/kg—a ₹28,124 dive from ₹2,60,488. On international bourses, gold posted its steepest weekly loss in 15 years at 9.6%, with Comex spot at $4,574.90/oz versus $5,061.70 prior. Silver declined over 14% to $69.66/oz from $81.343.
Analysts point to rampant profit-booking after recent highs and a resurgent dollar as key culprits. ‘Investors are rotating out of safe-haven metals into equities and bonds,’ said a commodities expert. This shift reflects broader market optimism, with stock indices hitting records amid cooling inflation fears.
For Indian consumers, the drop spells relief ahead of wedding and festival demands. Retailers in major cities like Mumbai and Delhi report increased footfall, though wholesalers advise against hasty purchases given technical indicators suggesting possible further corrections. The rupee’s mild depreciation cushioned some impact, but global headwinds dominate.
Looking ahead, eyes are on US Treasury yields and central bank policies. A softer dollar could trigger a rebound, but for now, the metals complex remains under pressure, offering bargain hunters a rare window.