Gold Down ₹11K, Silver ₹28K: Biggest Weekly Drop in Years

Precious metals enthusiasts got a shock this week as gold prices in India nosedived over ₹11,000 per 10 grams and silver cratered by more than ₹28,000 per kg. IBJA reports peg 24-carat gold at ₹1,47,218/10g post-₹11,181 decline from ₹1,58,399; 22-carat at ₹1,34,852 from ₹1,45,093; 18-carat at ₹1,10,414 from ₹1,18,799.

Silver tumbled to ₹2,32,364/kg, off ₹28,124 from ₹2,60,488. Internationally, gold endured its roughest week in 15 years (-9.6%), Comex at $4,574.90/oz (was $5,061.70). Silver shed 14%+ to $69.66/oz from $81.343.

Blame lands on investor profit harvesting and a bullish dollar, diverting funds to stocks and fixed income. ‘Safe havens are out; growth assets are in,’ quipped a market veteran. US data showing resilient jobs and consumer spending fueled the rotation.

In India, this affordability boost arrives timely for Akshaya Tritiya and wedding seasons. Bullion desks buzz with retail interest, though pros warn of rebound risks if geopolitics flare up. Currency dynamics played a role, with a weaker rupee partially offsetting import costs.

Forecasts vary: some see stabilization near current levels, others a deeper probe if yields climb further. Traders are glued to Powell’s testimony and ECB moves. This episode reminds that even ‘safe’ gold bows to macroeconomic tides.