National News
Silver Prices Drop 17% from Record High as Supply Eases, Profit-Taking Weighs on Market
Silver prices have plunged nearly 17% from their recent record peak, with the metal losing about Rs.31,000 per kg in just ten days to trade at Rs.1.47 lakh per kg on Friday. The sharp correction comes amid improved supply in London’s bullion market — the global hub for precious metals — and profit-booking by investors after months of momentum-driven gains.
In the international market, spot silver slipped to $48.5 per troy ounce, down from $54.47 a week earlier. Market participants attributed the decline to large inflows of silver from the US and China into London, easing a shortage that had earlier propelled prices to an all-time high of Rs.1.78 lakh/kg in India on October 14.
Despite the short-term correction, analysts maintain that the long-term outlook for silver remains robust, supported by surging industrial demand from the solar energy, electric vehicle, 5G, and AI hardware sectors — all crucial components of the global green transition.
According to Vikram Dhawan, Head of Commodities at Nippon India Mutual Fund, the correction is part of a normalisation phase after an extended rally.
“Short-term traders are readjusting positions, but strategic investors — including central banks and long-term ETF participants — are likely to view this dip as a healthy consolidation,” Vikram Dhawan said.
While improved supply and investor caution have triggered a short-term fall, experts believe that structural demand and limited mining output will continue to lend support to prices over the medium to long term.
National News
Gold prices in India extend recovery on softer U.S. dollar, easing Treasury yields, lower crude oil prices.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
Gold prices in India extended their recovery on Saturday, with 24-carat gold climbing back above the 151,000 rupee mark per 10 grams, supported by a softer U.S. dollar, easing Treasury yields, and lower crude oil prices.
The domestic benchmark rate for 24K gold rose by 710 rupees, or approximately 0.47%, to 151,420 rupees per 10 grams. For bulk purchases, 100 grams of 24K gold stood at 1,514,200 rupees, up 7,100 rupees from the previous session.
Jewellery-grade 22K gold advanced by 650 rupees to 138,800 rupees per 10 grams, while 18K gold climbed 540 rupees to hit 113,570 rupees per 10 grams. Per sovereign (8 grams), 24K gold traded at 121,136 rupees and 22K gold at 111,040 rupees.
The rebound follows a volatile week for bullion. Over the past four sessions, 24K gold has climbed nearly 1.5%, gaining roughly 2,240 rupees from 149,180 rupees on Oct. 6. On the Multi Commodity Exchange (MCX), gold futures rebounded above 151,000 rupees after dipping toward the 149,000 rupee level earlier in the week.
In international markets, spot gold traded near $4,174.78 an ounce after recovering from $4,118.63 in the previous session and briefly breaching $4,200. International spot silver surged over 2% to trade around $60.40 an ounce, driving domestic silver rates in India to approximately 235,000 rupees per kilogram.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
However, analysts warned that near-term gains may remain capped due to expectations surrounding Federal Reserve monetary policy.The key constraint is the Federal Reserve’s hawkish stance, with policymakers signaling that further tightening may be necessary to bring inflation back to target.
Gold prices in India extend recovery on softer U.S. dollar, easing Treasury yields, lower crude oil prices.
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