Firm US dollar weighs on precious metals, Silver tanks 5%

COMEX Gold futures fell today as recent gains gave up amid a firm US dollar. The metal soared last week, breaking well above $4000 per ounce to hit a fresh record high near $4400 per ounce as global trade uncertainties offered excellent support to the metal. Indian retail demand is in focus amid the Diwali week as spot prices have reached around Rs 130000 per 10-gram mark now while the metal averaged around Rs 75000 per 10 grams one year ago. India's Gold imports stood at Rs 84926 crore in value terms in September 2025, spiking around 118% compared to September 2024. Gold eased today though, sliding under $4300 per ounce and currently trades at $4278 per ounce, down 1.70% on the day. MCX Gold also fell 1% at Rs 128450 per 10 grams. Silver lost 5% at Rs 150240 per kg too, offering a good opportunity for investors looking at dips following the spike to Rs 170000 per kg.

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