The precious metals market witnessed a historic downturn this week as silver prices suffered their biggest recorded single-day fall, while gold prices also slipped after previously hitting all-time highs. On Tuesday, spot silver dropped as much as 8.7% to $47.89 per ounce—the largest decline since February 2021—while gold prices posted a 6.3% decline, the steepest since 2013.
In India, 24-carat gold slipped to ₹1,25,890 per 10 grams on October 23, down from a recent record high of ₹1,32,000 before Diwali—a drop of ₹4,000 in less than a week. Silver tumbled to around ₹1,60,000 per kilogram, mirroring global market volatility.
Experts attribute the dramatic correction to profit-booking by investors after months of rallying prices, seasonal demand tapering after Diwali and Dhanteras, easing geopolitical tensions, and a stronger U.S. dollar. Analysts stress that such a pullback is natural following a 50–80% surge in prices over the past year—gold is still up over 50% for 2025, while silver had rallied sharply before the correction.
Despite the fall, both metals remain on track for one of their strongest years since 1979. Market watchers expect high volatility to persist, advising investors to keep an eye on global market trends and possible further corrections in the coming weeks.