Gold and silver prices dip in India and globally
Gold and silver just saw a big price dip, both in India and worldwide. MCX gold is down to ₹138,386 and silver to ₹179,308 per kilogram.
Globally, gold slipped to $3,899.33 an ounce, while silver hit an 11-month low at $49.06.
The main reasons? Rising inflation worries and high crude oil prices are making investors nervous.
Experts cite inflation oil tech selloff
Experts say global economic uncertainty is shaking up precious metals.
Saumil Gandhi, senior analyst of commodities at HDFC Securities, points out several factors weighing on gold in India, while Ashish Rajodiya, head of commodities at PL Capital, links silver's slide to expensive oil and inflation fears.
There's also talk of possible US interest rate hikes adding pressure. Plus, Kaynat Chainwala, AVP of commodity research at Kotak Neo, notes that concerns over the sustainability of AI-related investment and a sharp sell-off in technology stocks also raised the risk of investors liquidating precious metals positions to cover losses elsewhere, leading to monthly drops of over 4% for gold and a steep 16% for silver.