Gold, Silver Slump on MCX: Silver Drops 9%, Gold Edges Lower
Gold, Silver Slump on MCX: Silver Drops 9%, Gold Edges Lower
Gold and silver prices slide on MCX, with silver tumbling nearly 9% and gold easing about 1.5%. Analysts call it a necessary reset with recovery prospects ahead.
Gold and silver prices slid on the MCX today, with silver plunging nearly 9% to ₹2,44,850 per kg as the metal faced a sharp correction after a rally. Gold also slipped, down about 1.5% to ₹1,50,860 per 10 grams for the 24-karat variant.
Market watchers say the move looks like a necessary reset driven by rapid speculation, margin calls, and profit-booking, even as underlying demand remains resilient. Physical premiums have softened in some segments, yet buyers continue to eye dips in prices as a potential entry point.
On the charts, gold is seen to have better downside protection than silver, with many analysts predicting a recovery in the coming weeks as central banks maintain accommodative stances and geopolitical factors keep interest in safe-haven assets.
Investors are advised to think long-term and adopt a measured approach: if already exposed via ETFs, averaging on dips and extending horizons toward events like Diwali could improve the odds of returning to green. For those preferring physical, premiums still apply and costs of storage must be considered. While the metals face volatility, fundamentals remain supportive, with demand from both jewelry and industry channels holding up.
Looking ahead, analysts say the broader commodity complex could pivot on a mix of macro signals, from central bank policy to commodity deficits and supply constraints, keeping the upside intact for gold and shielding silver from deeper declines if volatility eases.
