Gold Falls ₹2,300, Silver Plunges ₹10,500 in Just 3 Days

• Ahmedabad sees ₹4,000 crash in silver today: Traders sell gold to offset stock market losses

• Germany plans to repatriate 1,200 tons of gold from the US amid tensions with Trump; Cold war brews between Trump and the Fed Chair over interest rates

Ahmedabad, Mumbai: Precious metals across India’s bullion markets witnessed a sharp decline as global prices tumbled. In Ahmedabad, gold and silver prices saw significant drops. Following President Trump’s tariff announcement on April 2, silver prices in Ahmedabad fell by ₹10,500 over just three days, while gold prices declined by ₹2,300. Today alone, silver plunged ₹4,000, sending a wave of shock and silence across the local market.

The Mumbai Zaveri Bazaar remained officially closed today due to Saturday. However, global reports indicated further sharp corrections in gold and silver prices. Trump’s aggressive tariff policies and retaliatory measures by countries like China and Canada have intensified a global trade war, driving down the value of precious metals. As global prices fell, the import cost of these metals in India also dropped, leading to steep price cuts in domestic markets.

In today’s trading session in Ahmedabad, gold dropped ₹1,700 per 10 grams, while silver fell ₹4,000 per kilogram. Over the past three days, silver has plunged by ₹10,500 per kilogram, leaving traders stunned. During the same period, gold prices have fallen by ₹1,900 per 10 grams.

Globally, gold prices dropped from $3,073–$3,074 to a low of $3,015 per ounce, and eventually settled at $3,038–$3,039. Silver prices, which ranged from $30.76–$30.77, dipped to $29.19 and ended at $29.58–$29.59 per ounce.

The US dollar index climbed to a high of 103.18 before settling at 102.89. The strengthening dollar triggered increased gold fund selling in global markets. A strong US jobs report showing the addition of 228,000 jobs also influenced the dollar’s rise. In Mumbai’s currency market, the USD/INR exchange rate rose from ₹85.23 to ₹85.53–₹85.54 by the close of trading.

In the Mumbai bullion market (excluding GST), 995 purity gold was priced at ₹90,650, trading at around ₹88,500, while 999 purity gold was priced at ₹91,014, trading at ₹88,850. Silver prices were quoted at ₹88,100 per kg, down from ₹92,910. On the global front, platinum prices fell to a low of $916 before settling at $923–$924 per ounce. Palladium prices dropped to $914 and closed at $918–$919. Global copper prices fell sharply by 8.83%. Crude oil also experienced a drop, settling at lower levels.

Meanwhile, in light of Trump’s tariff policies and the potential for increased inflation in the US, the likelihood of an interest rate cut has diminished, according to Federal Reserve Chair Jerome Powell. Trump has publicly expressed frustration with Powell on this issue. In a related development, Germany is reportedly planning to repatriate approximately 1,200 tons of its gold currently held in the US Federal Reserve vaults. With global stock markets experiencing turmoil, many investors have begun selling off gold to cover their losses.