Gold prices are wonky right now because it was Diwali [0] and India did a large GST reform [1] that unlocked consumer capital for gold.

Once Diwali ended a couple weeks ago, Gold prices slumped [2].

The same thing happened with Silver [3].

You used to see similar stuff happen around CNY back when China was growing at double digit speeds [4].

[0] - https://www.cnbc.com/amp/2025/10/27/indians-spend-up-to-11-b...

[1] - https://www.reuters.com/world/india/winners-losers-indias-sw...

[2] - https://www.bloomberg.com/news/articles/2025-10-20/gold-s-re...

[3] - https://www.bloomberg.com/news/articles/2025-10-18/sold-out-...

[4] - https://ecomod.net/system/files/gold_and_china_ecomod2013.pd...