Gold Softens Marginally, Silver Slashes 6000 Rs/kg Weekly

Bullion traders in Mumbai ended the week with lower quotes for gold and silver, offering some respite amid recent highs. Pure 24-karat gold fetched 1,58,751 rupees per 10 grams, reflecting a 346-rupee weekly loss, while silver plummeted 5,977 rupees to 2,60,723 rupees per kilogram.

Breaking it down by the India Bullion and Jewellers Association: 22-karat gold settled 317 rupees lower at 1,45,416 rupees, and 18-karat eased to 1,19,063 rupees from 1,19,323. The broader market saw gold fluctuate between 1,66,800 rupees (March 1 high) and its current low, with silver ranging from 2,89,848 rupees down to 2,57,800 rupees.

Global benchmarks told a parallel story—gold at 5,158.70 dollars per ounce, off 89.20 dollars, and silver down 8.98 dollars to 84.311 per ounce. A climbing dollar index to 98.98 has emerged as the key culprit, bolstering the greenback and crimping metal rallies.

This week's action reverses early March gains fueled by equity market jitters and currency volatility. Domestic players, including makers of jewellery and coins, welcome the breather as it aligns with softening input costs. Looking ahead, focus shifts to international trade talks and economic indicators that could dictate the next leg for these barometers of uncertainty.