Big savings alert for gold and silver shoppers! Prices have crashed to multi-week lows, handing buyers a rare discount in a market long dominated by record highs.
Key Indian bourses recorded gold at ₹65,100/10g (down ₹1,850) and silver at ₹78,300/kg (down ₹2,150). Overseas, Comex gold eased to $2,318/oz and silver to $27.00/oz, pressured by broad-based selling.
The catalyst? A cocktail of renewed dollar optimism post strong economic indicators from the US, alongside de-escalation in global hotspots. Speculative positions were unwound swiftly, amplifying the downside.
Jewelry stores are buzzing with activity as price-sensitive customers capitalize on the slump. Experts recommend accumulating physical metals now, projecting a rebound driven by festive buying and central bank purchases.
However, risks linger with potential supply disruptions from mining strikes and persistent inflation concerns. Charts show gold testing key moving averages, where buyers might step in aggressively.
Fundamentally, precious metals retain their allure as inflation hedges and portfolio diversifiers. This dip serves as a reminder of the sector’s cyclical nature, rewarding patient accumulators over time.