Markets are abuzz as gold and silver prices register their steepest single-day drop in months, igniting a buying spree among retail investors and fabricators alike.
Benchmark rates in India now stand at ₹65,050 per 10 grams for gold (-₹1,950) and ₹78,200 per kg for silver (-₹2,200). Internationally, gold lingers near $2,320/oz with silver at $26.95/oz, down amid risk-on sentiment.
Blame it on the US dollar’s resurgence, fueled by hawkish Fed commentary and solid data releases. Geopolitical calm has also siphoned funds from traditional havens to riskier assets like stocks.
For the Indian market, timing is perfect with peak wedding and festival seasons looming. Importers are ramping up shipments, anticipating demand surge. Analysts forecast stabilization soon, followed by upside as physical offtake intensifies.
Technical indicators point to oversold conditions, hinting at a near-term bounce. Investors are urged to average in gradually while hedging against surprises like policy U-turns.
Ultimately, such corrections refine market efficiency, weeding out weak hands and setting the stage for sustainable rallies. Precious metals continue to anchor diversified portfolios amid fiat uncertainties.