Gold, silver prices crash ahead of Diwali: Why precious metals are falling - The Federal

AI desk brief

Gold and silver sold off sharply ahead of Dhanteras/Diwali, with international gold down nearly 30% from its January record of USD 5,595/oz and silver falling even more steeply. On October 30, MCX gold dropped by Rs 4,206 per 10 grams and MCX silver fell by almost Rs 10,000 per kilogram in a single session, underscoring a sudden reversal after the 2026 rally.

The piece frames the move as a sharp correction rather than a demand-driven collapse, but it offers no fresh macro or flow detail on what triggered the break. For traders, the key takeaway is that festive-season Indian buying is being hit by the price shock, which may weigh on near-term physical demand if the correction persists.