Lower purity grades followed suit: 22-carat gold declined to 145,093 rupees per 10 grams from 145,416 rupees, and 18-carat variant settled at 118,799 rupees, down from 119,063 rupees. Silver prices also softened by 235 rupees to 260,488 rupees per kilogram, versus 260,723 rupees last week.

During the period, spot gold touched a weekly high of 160,303 rupees on March 12 and a low of 158,399 rupees on March 13. Silver’s highs and lows were 270,944 rupees on March 10 and 260,056 rupees on March 9, respectively.

International markets echoed this tepid sentiment, with gold at 5,061.70 dollars per ounce (previously 5,158.70 dollars) and silver at 81.343 dollars (from 84.311 dollars). The rally in the US dollar index to 100.360, a five-month peak above 100, is cited as the primary drag on precious metals.

For jewelers and investors, this week’s action underscores a market in wait-and-see mode. With global uncertainties persisting—from interest rate trajectories to geopolitical tensions—traders are bracing for sharper moves ahead. These marginal dips could signal buying opportunities for long-term holders.

Data from the India Bullion and Jewellers Association reveals a 346-rupee decline in 24-karat gold to 1,58,751 rupees per 10 grams compared to last Friday’s 1,59,097 rupees. Supporting categories followed suit: 22-karat dropped 317 rupees to 1,45,416 rupees, and 18-karat shed 260 rupees to 1,19,063 rupees per 10 grams.

Silver’s fall was the week’s standout story, with prices tumbling 5,977 rupees to 2,60,723 rupees per kilogram from 2,66,700 rupees. The metal’s weekly range was wide, swinging from a March 2 peak of 2,89,848 rupees to a March 5 trough of 2,57,800 rupees. Gold’s journey saw a March 1 high of 1,66,800 rupees before settling at its weekly low.

Internationally, the trend was similar, with gold at 5,158.70 dollars per ounce (down from 5,247.90) and silver at 84.311 dollars (from 93.291). A robust dollar index at 98.98 is being blamed, as it pressures dollar-denominated commodities lower.

This pullback comes after a strong run-up earlier in the month, driven by global tensions and inflation fears. Jewellers report steady retail interest despite the dip, suggesting the correction might be short-lived. Traders are now watching for support levels and potential rebounds as geopolitical risks persist.

April gold contracts opened strong, gaining 1% to peak at 1,58,436 rupees for 10 grams during early sessions. Silver, which had plunged 10,000 rupees the previous day, bounced back with a 3% surge to 2,62,892 rupees per kilogram. As trading progressed to around noon, gold stabilized at 1,58,357 rupees (up 1%), and silver at 2,61,949 rupees (up 3.72% or 9,401 rupees).

The catalyst? Disappointing US retail sales figures for December, signaling slowing consumer spending and potential economic slowdown. This has ramped up speculation of more aggressive Fed rate cuts—now projected at three this year, up from two.

A softening dollar index to 96.59 enhanced appeal for international investors, while global markets mirrored the uptick. COMEX gold traded in the 4,900-5,100 dollar range post its recent high of 5,500-5,600 dollars, chalked up to healthy profit booking. Silver’s industrial usage and tight supplies provide a solid floor, with key support at 65-70 dollars.

Analysts outline MCX gold supports at 1,55,500/1,54,000 rupees and resistances at 1,57,700/1,59,000. Silver supports at 2,44,000/2,48,800, resistance near 2,60,000. Despite the bounce, prices lag all-time highs from January 29: 1,83,000 for gold, 4,20,000 for silver.

Investors remain glued to impending US jobs data and CPI releases, which could dictate the Fed’s next moves. Lower rates typically favor non-yielding assets like gold and silver, positioning them for potential further gains in a cautious economic landscape.