In a surprising turn for investors and buyers, gold and silver prices have plummeted sharply across major markets. This significant drop offers much-needed relief to those looking to purchase precious metals amid ongoing economic uncertainties.
Domestic markets saw gold trading at ₹65,200 per 10 grams, down over ₹1,800 from previous levels, while silver dipped to ₹78,500 per kilogram, marking a decline of more than ₹2,000. International spot prices also reflected this trend, with gold hovering around $2,320 per ounce and silver at $27.10.
Analysts attribute the fall to a stronger US dollar, easing geopolitical tensions, and profit-taking by large investors after recent highs. The Federal Reserve’s recent signals on interest rates have further pressured prices, as higher rates make non-yielding assets less attractive.
For Indian buyers, this dip couldn’t come at a better time, especially with festivals approaching. Retail demand has surged, but high prices had kept many sidelined. Experts advise seizing this opportunity, though caution that volatility remains high due to global events.
Market participants are watching upcoming US economic data and Middle East developments closely. If the dollar stays strong, further corrections could be on the cards. Meanwhile, jewelers report brisk sales as consumers rush to lock in lower rates.
This price correction underscores the precious metals market’s sensitivity to macroeconomic shifts. Buyers should diversify and stay informed, as rebounds are always possible in this unpredictable sector.