Gold Plummets ₹9,000, Silver Drops ₹16,000: Why Precious Metal Prices Are Falling
Gold Plummets ₹9,000, Silver Drops ₹16,000: Why Precious Metal Prices Are Falling
- •Gold prices fell by approximately 5.89% this week, with silver dropping over ₹16,000, due to profit-booking and a strengthening dollar.
- •MCX Gold April futures rose slightly on Friday to ₹1,44,825 per 10 grams, while MCX Silver May futures fell to ₹2,27,470 per kilogram.
- •Analysts predict continued pressure on gold and silver due to Middle East tensions, hawkish central bank stances, and potential interest rate hikes.
- •India's gold reserves increased by $664 million to $130.68 billion, but total foreign exchange reserves decreased by $7.05 billion.
- •The decline in foreign exchange reserves is attributed to the RBI's intervention to support the rupee amidst rising oil prices and geopolitical tensions.
