Gold and Silver Prices Plummet in India Amid Weak Global Trends
India's gold and silver prices plummeted on Tuesday due to a firm rupee and weak global trends. Gold fell Rs 2,640 to Rs 1.47 lakh per 10 grams, while silver dropped Rs 5,200 to Rs 2,24,800 per kilogram.
The weaker global market sentiment was triggered by the US Federal Reserve's impending policy decision, which kept investors cautious. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold edged lower on Tuesday as investors turned cautious ahead of the US Federal Reserve's policy decision.
Despite crude oil prices extending their decline to the third day, the precious metals traded lower. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said that the two nations extended their pause in hostilities for the fourth day, while Oman and Iran continue their discussions over the Strait of Hormuz issue.