Commodities
India's Gold and Silver Prices Plummet Amid Global Market Volatility
Precious metals took a hit on Friday in India's national capital. Gold prices plummeted by Rs 2,700 to Rs 1.55 lakh per 10 grams, while silver tumbled by Rs 10,000 to Rs 2.34 lakh per kg. This sharp correction reflects selling pressure in the local market after recent rally, with both precious metals pulling back.
According to traders, domestic selloff came despite gains in global markets where spot gold rose USD 49.82, or 1.15% to USD 4,366.58 per ounce and silver gained 2% to USD 64.77 per ounce. Elevated crude oil prices have revived inflation concerns, while higher Treasury yields and rising rate-hike expectations continue to weigh on assets such as gold.