Overview
- After setting fresh highs on Monday — with gold near $4,381 an ounce — both metals eased on Tuesday, as bullion slipped roughly 2–3% and silver fell as much as 6%.
- Indian benchmarks stayed elevated near Rs 1.30 lakh per 10 grams for gold and roughly Rs 1.60–1.67 lakh per kg for silver, while Dhanteras jewellery sales were reported at 50–60 tonnes with values up 35–40%.
- ETFs and central‑bank buying continued to underpin the rally, though silver funds saw sharp single‑day drops as global prices corrected and holdings cooled from recent peaks.
- Major banks including HSBC, Bank of America and Societe Generale maintained bullish multi‑month targets near $5,000 an ounce, while other strategists advised profit‑taking or buying only on dips.
- Trading stayed brisk across venues as retail and CFD activity jumped and some brokers raised margins, with participants weighing a firmer dollar, tight London silver supplies, missing CFTC positioning data, and upcoming US data and US–China talks.