Gold down nearly ₹4,300 to ₹156,000 as oil tops $90
Business
Gold and silver just took a big hit:
On Wednesday, gold dropped by nearly ₹4,300 to ₹156,000 per 10gm in Delhi, while silver slid ₹10,000 to ₹245,700 per kilo.
The main reasons? Crude oil prices shot above $90 a barrel due to U.S.-Iran tensions, and the US dollar got stronger.
Rates and dollar weigh on bullion
With energy costs rising and inflation fears growing, people are less interested in buying gold and silver right now.
Rajkumar Subramanian from PL Wealth explained that high interest rates are also making these metals less attractive.
Globally, too, gold fell over 2% and silver dropped more than 2%, as a strong US dollar and higher US Treasury yields made it tougher for bullion to shine.