Gold Drops ₹10,000, Silver Slumps ₹25,000 in Pune Amid Global Market Pressures
Gold and silver prices witnessed a sharp fall in Pune over two days due to strong dollar trends, steady US interest rates, and profit booking by investors amid global economic uncertainty.
March 21 | Pune: Gold and silver prices in Pune’s bullion market have recorded a significant decline over the past two days, reflecting global economic trends and investor sentiment. The sharp correction comes as the US Federal Reserve maintained steady interest rates, strengthening the dollar and reducing the appeal of precious metals as an investment avenue. According to local market data, the price of 24-carat gold dropped by ₹10,000 per 10 grams in just two days, settling at ₹1,45,100 (excluding GST) on Friday. Similarly, 22-carat gold was priced at ₹1,36,000 per 10 grams. Silver prices also saw a steep fall, declining by ₹25,000 per kilogram to reach ₹2,25,000.
Just earlier this week, ahead of the Gudi Padwa festival, gold prices were significantly higher. On March 18, 24-carat gold was trading at ₹1,55,525 per 10 grams, while silver stood at ₹2,49,907 per kilogram. The sudden dip highlights the volatility currently affecting bullion markets. Market experts attribute this fall to multiple global and domestic factors. A stronger US dollar has made gold less attractive for investors, while high price levels prompted profit booking. Additionally, ongoing geopolitical tensions, particularly involving Iran and Israel, and rising crude oil prices have created uncertainty, prompting cautious investor behaviour.
Despite the current downturn, traders remain optimistic about a potential rebound. Jewellery demand is expected to rise in the coming weeks due to the wedding season, which could push prices upward again. Industry insiders suggest that while short-term fluctuations may continue, underlying demand could support a recovery in gold and silver rates. The recent price movement underscores the sensitivity of bullion markets to global cues, currency strength, and investor strategy shifts
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