Gold has become cheaper in India following 'Operation Sindoor'
What's the story
Gold prices in India have fallen today, following a global decline and profit booking after two days of gains.
The fall comes after 'Operation Sindoor' conducted by the Indian armed forces against Pakistan to avenge the Pahalgam terror attack.
Today, the price of 24K gold was at ₹96,950 per 10g, which is ₹880 lower than the previous close.
Trend
Global gold prices also down
The price of 22K gold was quoted at ₹88,871 per 10g, local jewelers said. Internationally, spot gold fell 1.3% to $3,383.88 per ounce, after nearly 3% rise in the previous session. US gold futures also fell 1% to $3,391.80.
Impact
Fed's interest rate decision influences gold prices
Back in the US, the Federal Reserve is expected to keep interest rates unchanged, and markets are keenly watching Fed Chair Jerome Powell's commentary for clues on future rate cuts.
Gold, a non-yielding asset, typically flourishes in a low-interest-rate environment.
A stronger US dollar index has weighed on gold prices by making it less appealing as a safe-haven investment.
Other metals
Silver prices have also plunged
The silver prices have mirrored weakness in gold, with spot silver slipping 0.7% to $33.01 per ounce. Platinum is holding steady at $983.60, while palladium has declined by 0.7% to hit $967.64.