Precious metal enthusiasts rejoice! Gold and silver prices have nosedived dramatically, creating a golden window for purchases. This sharp correction has caught the market off guard, reversing weeks of upward momentum.
In India, MCX gold futures settled at ₹65,150 for 10 grams, a steep fall of ₹1,900, while silver futures dropped to ₹78,400 per kg, shedding ₹2,100 in a single session. Global benchmarks mirror this: gold at $2,325/oz and silver at $27.05/oz.
Several factors converged to trigger this sell-off. A robust US jobs report bolstered the dollar index to multi-month highs, diminishing gold’s safe-haven appeal. Additionally, reduced tensions in key conflict zones prompted investors to rotate into equities.
Long-term holders remain unfazed, viewing this as a healthy pullback. For new entrants, it’s an ideal entry point ahead of seasonal demand spikes during Diwali and wedding seasons. Industry leaders note increased footfall at bullion exchanges.
Looking ahead, technical charts suggest support levels holding firm, but a break below could extend the decline. Traders are advised to monitor Fed speeches and inflation prints, which could dictate the next move.
This episode highlights the interplay between currency strength, policy decisions, and sentiment in shaping metal prices. Savvy investors are positioning accordingly, balancing caution with opportunity in these fluctuating times.