The Freelance (New Delhi): The massive turbulence in the Indian bullion market over the past few days has surprised both investors and retail buyers. Our on-the-ground data and analysis of various market reports indicate that gold and silver have crashed from their record highs.
A Sharp Decline of Up to 14,000 in 30 Hours
Initial market data and interactions with bullion traders reveal that the downturn was extremely rapid. Within just a few hours, gold prices fell by 4,000 to 4,500 rupees, pushing it to a two-month low below the crucial psychological mark of 1.50 lakh rupees. Meanwhile, silver prices dropped by over 10,000 rupees within a week.
Global Cues and Profit Booking
Experts suggest that global economic signals, heavy profit booking by institutional investors, and a stronger dollar index are the primary drivers behind this sudden and massive correction in precious metal prices.
