Crude Oil Price Drop Triggers Buying Opportunity for Gold and Silver

Gold and silver prices are likely to track crude oil in the short term, according to Chirag Thakkar of Amrapali Gujarat. He expects crude to fall to $85-90 per barrel, which would bring more buying opportunities for both metals.

Thakkar notes that crude has already fallen from $102-104 per barrel last week and is now the main driver for gold and silver prices. The US Federal Reserve's rate decision was already priced in, so it did not move gold and silver much.

The import duty on gold and silver in India has also been a concern, with some buyers comparing prices to Dubai. Thakkar mentions that there is talk of the government rationalising the duty on gold and silver, given crude prices and the currency.