Gold & silver slip: Festive rally ends as investors book profits; global prices, strong dollar weigh
Gold and silver prices lost their festive sparkle this week, snapping a nine-week rally as investors booked profits amid a strong dollar, easing geopolitical tensions, and falling global prices .
On the Multi Commodity Exchange ( MCX ), December gold futures dropped Rs 3,557, or 2.80 per cent, to close at Rs 1,23,451 per 10 grams on Friday, while silver plunged Rs 9,134, or 5.83 per cent, to settle at Rs 1,47,470 per kg.
Both metals had surged since late August, with gold hitting a record Rs 1,32,294 per 10 grams and silver peaking at Rs 1,70,415 per kg on October 17.
Since those peaks, gold has lost Rs 8,843 (6.68%) and silver Rs 22,945 (13.46%), according to news agency PTI.
In international markets, Comex gold touched a lifetime high of $4,398 per ounce on Monday, before falling $266.4, or 6.11 per cent, on Tuesday—the steepest one-day decline in over a decade.
Silver futures on Comex similarly retreated from a record $53.76 per ounce to $47.12 per ounce by October 21, marking their sharpest single-day drop since 2021.
Mahendra Patil, founder of MP Financial Advisory Services LLP , said the steep gold correction was triggered by profit-booking and a post-Diwali slowdown in domestic demand.
“Global gold ETFs also recorded net outflows in mid-October after a surge in inflows during September. The redemptions signalled short-term profit-taking, reducing institutional demand for bullion,” he noted, as per PTI.
On the Multi Commodity Exchange ( MCX ), December gold futures dropped Rs 3,557, or 2.80 per cent, to close at Rs 1,23,451 per 10 grams on Friday, while silver plunged Rs 9,134, or 5.83 per cent, to settle at Rs 1,47,470 per kg.
Both metals had surged since late August, with gold hitting a record Rs 1,32,294 per 10 grams and silver peaking at Rs 1,70,415 per kg on October 17.
Since those peaks, gold has lost Rs 8,843 (6.68%) and silver Rs 22,945 (13.46%), according to news agency PTI.
In international markets, Comex gold touched a lifetime high of $4,398 per ounce on Monday, before falling $266.4, or 6.11 per cent, on Tuesday—the steepest one-day decline in over a decade.
Silver futures on Comex similarly retreated from a record $53.76 per ounce to $47.12 per ounce by October 21, marking their sharpest single-day drop since 2021.
Mahendra Patil, founder of MP Financial Advisory Services LLP , said the steep gold correction was triggered by profit-booking and a post-Diwali slowdown in domestic demand.
“Global gold ETFs also recorded net outflows in mid-October after a surge in inflows during September. The redemptions signalled short-term profit-taking, reducing institutional demand for bullion,” he noted, as per PTI.
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