Indian Gold and Silver Prices Plummet Amid Global Market Volatility
Gold and silver prices plummeted on Monday in India, sending potential buyers into wait-and-see mode ahead of upcoming festivals and weddings.
Silver futures for September delivery fell by ₹6,661 to ₹2,28,035 per kg on the Multi Commodity Exchange (MCX), while gold futures for October delivery slipped 3,214 to ₹1,47,667 per 10 grams.
The decline is attributed to a strengthening US dollar, higher US yields, and uncertainty over the US-Iran war, which has put pressure on non-yielding assets like gold. Spot gold was trading around $4,185 an ounce, down more than 2%, while the US 10-year Treasury yield rose to about 5.22%.
Surendra Mehta, secretary of the India Bullion & Jewellers Association, stated that buyers are unlikely to rush in until prices show signs of stabilizing or recovering. 'Generally, buying happens in a rising market and not in a falling market due to fear of more fall,' he said.