Gold Falls, Silver Plunges After Dhanteras

Gold and silver prices in India cooled sharply after festival buying, with Nagpur rates sliding from Rs1,28,500 per tola (gold) and Rs1,70,500 per kg (silver) on Dhanteras to about Rs1,22,800 per tola and Rs1,58,000 per kg respectively — declines of roughly Rs5,700 per tola for gold and Rs12,500 per kg for silver. Traders said the correction reflected profit‑taking after heavy festival buying and a slowdown in domestic demand. Globally, front‑month COMEX gold fell to roughly $4,044.40 an ounce, off recent record highs, while silver plunged about 7% in one session and remained below $49. Industry estimates put Dhanteras gold sales at about 40 tonnes nationwide (around 150 kg in Nagpur), with another 15 tonnes sold the following day. Market participants cited a firmer U.S. dollar, rising bond yields and easing risk‑off drivers as factors reducing safe‑haven appeal and amplifying the domestic price correction.