Gold, silver tumble; festive buyers wait
By:EconomicTimes
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Kolkata: Gold and silver prices fell sharply on Monday, prompting potential customers to defer purchases for upcoming festivals and weddings in anticipation of further declines.
"Generally, buying happens in a rising market and not in a falling market due to fear of more fall," said Surendra Mehta, secretary, India Bullion & Jewellers Association. "Unless prices start moving up, the festive season buying will not pick up."
The selloff came amid strengthening of the US dollar, higher US yields and uncertainty over the US-Iran war. 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%, putting further pressure on non-yielding asset.
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Silver futures for September delivery fell by ₹6,661 to ₹2,28,035 per kg on MCX. Gold futures for October delivery slipped 3,214 to ₹1,47,667 per 10 grams. The correction has improved affordability, but jewellers said buyers are unlikely to rush in until prices of the yellow metal show signs of stabilising or a recovery.
"Generally, buying happens in a rising market and not in a falling market due to fear of more fall," said Surendra Mehta, secretary, India Bullion & Jewellers Association. "Unless prices start moving up, the festive season buying will not pick up."
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The selloff came amid strengthening of the US dollar, higher US yields and uncertainty over the US-Iran war. 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%, putting further pressure on non-yielding asset.
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