Amid global market turbulence, bullion market saw sharp correction. Silver down Rs 3,000 per kg, gold down Rs 1,500 per 10 gm in 48 hours.
Reason: Dollar Index strengthening to 105.2 and profit booking. When dollar rises, gold falls - inverse correlation. US Fed hawkish stance pushed yields up, so investors sold gold for dollar assets.
For Indian consumer, relief before festive and wedding season. Jewellers in Zaveri Bazaar report 25% jump in footfall after correction. Demand was dull at Rs 73,000/10gm, now buying returns at Rs 71,500.
Analysts say correction is short-term. As long as West Asia tension stays, gold remains safe haven. Any escalation in Hormuz will push gold back to $2,500.Strategy: don't buy lump sum. Use SIP mode - staggered buying. This dip is opportunity, not end of bull run.