Gold, silver fall in national capital after US dollar strengthens
Business
Gold and silver just saw a sharp price drop in the national capital: gold is down by ₹2,600 to ₹1.5 lakh per 10gm, and silver fell ₹5,000 to ₹2.32 lakh per kg.
This slide is mainly because the US dollar got stronger and global crude oil prices jumped after tensions flared up between the US and Iran over the Strait of Hormuz.
Global metals drop as oil jumps
Globally, gold and silver prices also dropped while oil surged 4% to $108.53 a barrel.
The tension ramped up after US President Donald Trump rejected Iran's proposal about the strait blockade, with Iran saying there won't be any talks at the U.N. for now.
All this has made precious metals more volatile than usual lately.