Gold and silver prices are struggling to recover after a particularly tough week. Gold saw a sharp drop of roughly 4%, closing just above $4,000 per ounce, its steepest weekly decline since June. Meanwhile, silver fell nearly 6%, ending around $54.50, marking its lowest closing level in almost a year. Both metals are currently trading sideways.
Despite the downturn, demand for gold in India has picked up during the festival and wedding season. Lower prices are attracting bargain hunters, providing some support to the market. However, the broader trend remains uncertain as investors assess the metals' next moves.
The SPDR Gold Shares ETF (GLD), IAU, GLDM, SGOL, BAR, IAUM, OUNZ, AAAU, XAUUSD:CUR, SLV, SIVR, PSLV, PSLV:CA, and XAGUSD:CUR are among the key instruments affected by these price movements. The market's reaction suggests that while buyers aren't giving up, caution remains high.