Silver wipes out 2024 gains in a week; jewellers brace for value-buying rebound in India
Silver crashed 13% in a week to ₹2,16,541/kg in Mumbai, erasing all year-to-date gains, while gold slid 5% to ₹1,39,873/10gm. Both are deep off peaks (silver -53%, gold -19%). Kama Jewelry and Augmont expect India's physical-demand market to absorb the correction via value buying.
What happened
Kama Jewelry · Silver has erased all 2024 gains, falling 13% in a week to ₹2,16,541/kg in Mumbai, while gold dropped 5% to ₹1,39,873/10gm. Jewellers expect
Key facts
- silver ₹2,16,541/kg
- gold ₹1,39,873/10gm
- silver -13% week
- gold -5% week
- silver -53% from peak
- gold -19% from peak
Why this matters
Distressed sub-scale jewellers and bullion dealers facing inventory writedowns become acquisition targets; explore hedging-desk partnerships and consignment terms to de-risk price exposure.
What to watch
- COMEX silver speculative net positioning and SLV/iShares outflows
- Indian customs gold/silver import volumes for Nov-Dec
- DXY and 10Y real yields direction
- Wedding-season retail footfall reports from Titan, Kalyan, Senco
- Domestic premium/discount vs London spot (signal of physical tightness)
- Solar panel demand and Chinese industrial silver offtake
- Jewellers launch 'price drop' campaigns and waive making charges to convert latent demand
- Recycled scrap supply in India tightens as households delay selling at lower prices
- Bullion dealers widen bid-ask and shift to smaller-denomination coins/bars for retail
- SIP-style digital gold/silver platforms (Augmont, MMTC-PAMP) push accumulation messaging
- Importers stagger MCX hedges; refiners trim premiums to clear inventory