Gold and silver prices are on a rollercoaster ride, creating uncertainty among buyers and panic among traders. With rumors swirling that gold could drop to ₹50,000 per 10 grams, footfall in markets like Sonapatti has drastically declined, leaving bullion traders worried.

Gold Market in a Slump: 50% Drop in Customers

In just one week, the number of buyers in Sonapatti has halved. Traders say customers are in wait-and-watch mode, hoping prices fall further before making purchases. “Even with the wedding season approaching, the market feels deserted,” says Mukesh Sah, a bullion trader.

From ₹94,000 to ₹88,000: Gold Price Whiplash

Gold, which was at ₹94,000 per 10 grams last week, dropped to ₹88,000, only to rebound to ₹91,000 on Sunday. Silver too has seen massive swings—plummeting from ₹1.4 lakh/kg to ₹92,000, and then bouncing back to ₹1 lakh/kg.

Former District Goldsmith Association secretary Vijay Sah notes, “Usually, business worth ₹6-8 crore happens daily. Now, due to volatile prices, there’s complete confusion among customers.”

Social Media Rumors Fuel Panic

According to traders, speculation on social media about gold falling to ₹50,000 per 10 grams is further delaying purchases. “These rumors have deeply affected sales, which are down by 40-50%,” says Deepak Soni, another trader.

Pre-Order Cancellations Add to Traders’ Losses

Pre-booked orders being canceled amid the price dip are adding to losses. “We’re facing up to 10% loss on pre-orders that aren’t being honored due to falling prices,” explains Sah.

Price Trends Over 3 Years

• May 2023: 24-carat gold was ₹55,000/10g, later spiking to ₹76,000
• Recent: Gold hit ₹94,000 before dropping to ₹88,000
• Silver: Was ₹85,000/kg last year, dropped to ₹82,500 within 10 days
• Two years ago: Silver ranged between ₹65,000–₹70,000/kg

With price volatility and buyer hesitation at an all-time high, traders hope for stability soon—but for now, the gold market remains in a state of suspense.