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Gold Prices Plunge in India After PM Modi's Appeal

Guavy AI Editorial Team
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Gold prices in India have taken a sharp drop following Prime Minister Narendra Modi's appeal to not buy non-essential gold. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold has fallen by ₹1,855 to ₹51,328.

The price of one kilogram of silver has dropped by ₹2,059 today to ₹28,360. This means that since Prime Minister Modi's appeal, silver prices have become cheaper by nearly ₹9,000 and gold by ₹4,500 in just two days.

Market expert Anuj Gupta attributes the drop in gold prices to Prime Minister Modi's appeal as well as rising crude oil prices. The sharp decline in gold prices comes after a significant rise earlier this year, with gold reaching an all-time high of ₹76,000 on January 29 and silver at ₹86,000.

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