Domestic gold prices plunged nearly Rs 5,000 per 10 gram on Friday to hit the day's low of Rs 1,21,895, witnessing one of its sharpest intraday falls. The yellow metal prices took cues from the international markets where they were down by $127 per troy ounce.
Silver rates saw a sharper decline of Rs 8,700 per kg as the white metal rates hit the day's low Rs 1,53,729. On the COMEX, the silver rate was hovering around $50.21, down 5.56%.
The sudden fall in gold and silver prices was primarily due to two reasons. Here's what happened:
1) Fed rates
Gold and silver prices fell today in the wake of hawkish comments from U.S. Federal Reserve officials which has clouded prospects for a December rate cut. A Fed rate cut acts as a positive trigger for non-yielding gold.According to CME Group's FedWatch tool, traders now see a 49% probability of a quarter-point rate cut in December, down from 64% earlier this week.
2) End of US shutdown
The ending of the U.S. government's record 43-day shutdown, which had disrupted key economic data flows, dented the safe haven appeal of gold. While the White House has tempered hopes for clarity on the economy, stating that October's unemployment data may not become available, the immediate impact could trigger more cuts in the price of gold and silver.Anuj Gupta, Director at Ya Wealth Global Research, said that the appeal of gold and silver has come down on account of these two developments. He sees weakness in bullion continuing in the near term.
Both gold and silver have been in top form in 2025 so far, turning out to be the best asset class. Gupta said that domestic gold prices have jumped 60%, or by Rs 45,700 per 10 gram, while silver prices have appreciated by 78%, or Rs 67,700, on a year-to-date basis.
In November, gold prices have gained 1%, or Rs 1,262, while silver has risen by 4.6%, or Rs 6,845 per kg.
3) Strength in dollar index
The dollar index strengthened, adding additional pressure on gold. Prices slipped from this week’s high of Rs 1,27,000 to Rs 1,25,600.Gold trading strategy
Gupta recommends a sell on rise strategy.Sell gold at Rs 1,27,000 with a stop loss of Rs 1,31,000 and target of Rs 1,20,000
Sell silver at Rs 1,63,000, with a stop loss of Rs 1,66,000 and a target of Rs 1,55,000.
Meanwhile, Jateen Trivedi, VP Research Analyst - Commodity and Currency, at LKP Securities noted that gold is expected to remain volatile. The range for the yellow metal is likely to remain between Rs 1,24,000– Rs 1,27,500.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
For more news like this visit The Economic Times.
# Fake Fortune Foiled: Inter-State Counterfeit Racket Busted with Rs 9.95 Cr Haul in Punjab
In the shadowy underbelly of India's financial fraud networks, where demonetized dreams meet digital deception, a routine tip-off has unraveled a multi-crore empire of fakes. On November 13, 2025, Dera Bassi police in Mohali, Punjab, smashed an inter-state fake currency syndicate, nabbing two key players and seizing a staggering Rs 9.95 crore in bogus bills and original demonetized notes. This isn't just a bust—it's a blow to the insidious web of counterfeiters preying on unsuspecting traders across Punjab, Haryana, Rajasthan, and beyond. As authorities peel back the layers, the operation's audacious tactics reveal how far fraudsters will go to mimic the mighty rupee.
## The High-Stakes Takedown: From Tip-Off to Traffic Stop
It started with whispers—a reliable informant alerting Dera Bassi cops to a duo peddling high-value fakes along the bustling Old Ambala-Kalka Highway. Acting on the intel, a team led by DSP Narinder Singh Bhullar set up a naka (checkpoint) near the PWD Rest House on the Ghaggar Bridge. Around 8 PM, their trap snapped shut on a white SUV zipping through the dusk.
Inside? Sachin, 35, from Pehowa in Kurukshetra, Haryana, and Gurdeep, 42, from Gurdev Nagar in the same district—seasoned operators in the underworld's currency con game. A quick search yielded the motherlode: bundles upon bundles of notes that could have flooded markets from Ludhiana to Jaipur. No shootouts, no chases—just sharp policing turning a routine patrol into a jackpot raid. The duo's vehicle, a Mahindra Scorpio, now sits impounded as evidence in this unfolding saga.
## The Counterfeit Cache: A Breakdown of the Rs 9.95 Cr Seizure
The haul was as meticulous as it was menacing, blending fresh fakes with "vintage" originals to lure buyers. Police recovered a mix that screamed sophistication: demonetized notes used as bait, wrapped around stacks of counterfeits to pass cursory checks. Here's the nitty-gritty tally:
| Category | Denomination/Details | Quantity/Value | Notes |
|---------------------------|---------------------------------------|---------------------------------|-------|
| **Original Demonetized** | Old Rs 1,000 notes | Rs 7,42,000 | Used as "wrappers" for authenticity |
| | Old Rs 2,000 notes | Rs 3,50,000 | High-value decoys |
| | New Rs 500 notes | Rs 13,000 | Smaller bait bundles |
| **Fake Counterfeit** | Old Rs 1,000 notes (80 bundles) | ~Rs 80 lakh | Mimicked pre-2016 design |
| | New Rs 500 notes (60 bundles) | ~Rs 30 lakh | Post-demonetization fakes |
| | Rs 2,000 notes (439 bundles) | ~Rs 8.78 crore | Bulk of the operation's "product" |
| **Total Seizure** | - | **Rs 9.95 crore** | Enough to destabilize local economies |
The fakes were eerily lifelike—printed on quality paper with passable watermarks and serial numbers—sourced from underground presses in Haryana and Rajasthan, per initial confessions. Their genius ploy? Sandwiching genuine outer layers around fake innards, fooling even wary shopkeepers into bulk buys at a "discount."
## The Accused: From Small-Time Hustlers to Syndicate Heavyweights
Sachin and Gurdeep aren't wide-eyed rookies; they're repeat offenders with a rap sheet spanning states. Interrogation painted a picture of calculated crooks: Sachin, the logistics man, handled transport and drops; Gurdeep, the financier, networked with printers and distributors. Their syndicate spanned Punjab's industrial belts to Rajasthan's border towns, offloading fakes via middlemen at 40-50% of face value.
But the past caught up fast. Just weeks ago, on October 1, 2025, Mohali's Phase-1 police slapped them with charges under IPC Sections 406 (criminal breach of trust), 420 (cheating), and 120-B (conspiracy) for allegedly swindling a local trader out of Rs 7 crore in a 2023 scam. Similar beefs dot Rajasthan dockets—fake note flips, property cons, you name it. "They preyed on trust," DSP Bhullar told reporters, vowing to dismantle the full network. A fresh FIR under Bharatiya Nyaya Sanhita (BNS) Sections 318(4) (counterfeiting), 178-182 (fraud variants) now pins them down, with remand extended for deeper digs.
## Ripples in the Rupee: Why This Bust Matters Now
India's fake currency fight is perennial—RBI reports over Rs 1,000 crore in seizures annually—but this haul hits different. With elections looming and cash-heavy festivals like Diwali fresh in memory, counterfeit spikes threaten everything from street vendors to black money launderers. These notes, if circulated, could've fueled hawala ops or terror financing, echoing 2016 demonetization ghosts.
Punjab Police DGP Gaurav Yadav hailed it as a "major win," crediting community tips and highway vigilance. But experts warn: As digital payments rise, fakes evolve—think app-based drops or crypto ties. This bust? A reminder that vigilance pays, but the war's far from won. Raids continue, with sketches of three more accomplices circulating.
In the end, Sachin and Gurdeep's "empire" crumbled not from high-tech takedowns, but human grit. One SUV, one tip, one trillion rupees safer—proof that in the fake note game, the house always wins... eventually.
*What's your view—do these busts deter counterfeiters, or just spawn smarter syndicates? Spill in the comments!*
*(As of November 15, 2025. Sources: The Tribune, Times of India, Indian Express.)*
