Overview
- Silver led the decline, with MCX March futures sliding about 10% to roughly Rs 2.42 lakh/kg and Comex dropping more than 13% intraday to around $73–76/oz, while gold fell 1–3% to near $4,827/oz and about Rs 1.50 lakh per 10g on MCX.
- The setback erased much of an early‑week rebound that had lifted spot gold back above $5,000 and silver toward $90/oz after last week’s crash.
- Analysts pointed to a resurgent U.S. dollar, hawkish Fed signals, and expectations for slower rate cuts under Warsh, alongside signs of stress such as record outflows from China gold ETFs and tight London silver availability.
- Indian spot markets echoed global moves, with Delhi gold down about Rs 4,500 to Rs 1.60 lakh per 10g and silver off Rs 30,300 to Rs 2.68 lakh/kg, while silver ETFs fell by double digits.
- Despite the volatility, major banks maintained medium‑term bullish calls on gold, with targets ranging from about $5,400 to as high as $6,200, while cautioning that silver’s price swings are likely to remain elevated.