Overview
- Domestic prices plunged with 99.9% purity gold quoted near ₹1,42,000 per 10 grams and MCX gold futures falling about ₹4,347 to ₹1,38,419 per 10g while MCX silver futures dropped roughly ₹10,577 to ₹1,78,900 per kg.
- International spot markets logged large moves as spot gold fell about $146 to roughly $3,875 per ounce and spot silver slid about $3 to near $49 per ounce, marking one of the steepest daily falls this month.
- Market participants said higher crude oil lifted inflation expectations which, together with stronger US rate signals and rising bond yields, made non‑yielding bullion less attractive and prompted investor selling.
- Forced liquidations from equity losses and built-up speculative positions, plus reports of some Chinese selling to raise cash, amplified the decline while silver’s industrial use in solar and electronics made its drop steeper.
- Analysts expect festival and wedding buying in India and continued central-bank purchases to provide demand support that could limit further falls even as volatility remains elevated and prices recover gradually.