Overview
- Prices stabilized around $4,100–$4,130 per ounce after the week’s steep intraday drop of up to 6.3%, leaving bullion on track for a roughly 3% weekly decline.
- Profit-taking, technical selling, outflows from gold-backed ETFs, a stronger dollar, and optimism about US–China talks were cited as key drivers of the reversal.
- Strategists expect near-term consolidation around $4,000, with some forecasting an additional 5%–6% pullback; Citigroup cut its overweight recommendation after the slump.
- Silver slid about 6% on the week following recent highs, underscoring elevated volatility across precious metals.
- Local markets reflected the downturn, with India’s benchmark price near Rs 1,25,600 per 10 grams and Pakistan down Rs 2,000 per tola, as traders monitor the Trump–Xi meeting timeline and the CPI release.