Indian Gold and Silver Prices Plummet on Strong Rupee and Global Uncertainty
Gold prices in India plummeted by Rs 2,640 to Rs 1.47 lakh per 10 grams on July 28, while silver dropped Rs 5,200 to Rs 2,24,800 per kilogram.
The decline was attributed to a stronger rupee, which reduced the landed cost of imported bullion in the domestic market, as well as weak global trends and caution ahead of the US Federal Reserve's policy decision.
'Gold edged lower on Tuesday, retreating from the previous session's gains as investors turned cautious ahead of the US Federal Reserve's policy decision,' said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
Despite crude oil prices extending their decline to the third day, precious metals traded lower due to ongoing uncertainty around the durability of the US-Iran de-escalation.