Gold, silver prices in India fall sharply: Check rates
Gold and silver prices in India have taken a big dip this month.
Gold slid nearly 14% over the past week, dropping from ₹17,309 to ₹14,891 per gram.
Silver followed the trend, with MCX rates now at ₹227,400 per kilogram.
Impact on India's gems and jewelry industry
This isn't just about jewelry: these falling prices are squeezing India's gems and jewelry industry.
With inflation high and the US dollar getting stronger, both local buyers and global customers are pulling back.
Experts say the downtrend could stick around for a while.
What's happening globally?
Tensions in West Asia have pushed up oil prices and stoked inflation worries worldwide. That's made a US interest rate hike more likely this year.
A stronger dollar and rising US Treasury yields are making gold and silver less attractive, even as safe-haven assets, so global prices for both metals have dropped over 4%.