Overview
- Markets logged a steep sell‑off followed by a modest intraday rebound, with coverage showing gold down about 2.5% and silver falling roughly 8.5% during the recent correction and futures slightly higher on November 2–3.
- Silver has plunged from an MCX January peak near ₹4.20 lakh per kilogram to around ₹1.78–1.82 lakh per kilogram now, and IBJA spot listings put 999‑purity silver near ₹1.82 lakh per kg with a 10 g bullion‑basis coin shown at about ₹1,820 before making charges and GST.
- Analysts attribute the weakness to expectations that US interest rates will stay high, rising crude oil prices that stoke inflation fears, and heightened geopolitical and election uncertainty including US–Iran tensions and the US midterm vote, all of which reduce demand for non‑yielding metals.
- Technical desks have pointed to clear support and resistance levels to watch — examples cited include gold support near $3,920 per ounce and silver support near $49.20 per ounce, with MCX silver seen around ₹1,76,000 per kg — and they warn volatility will likely continue as key US data arrive.
- Financial planners used the downturn to stress long‑term tools: step‑up SIPs, diversification and goal‑based planning; experts noted inflation can erode real returns, for example a ₹1 crore nominal goal could be worth about ₹36–37 lakh in today’s terms after 15 years at 6% inflation.