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Modi's Appeal Sends Gold Prices Plummeting Amid Rising Crude Oil Costs

Guavy AI Editorial Team
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Gold prices have dropped significantly following Prime Minister Narendra Modi's appeal to avoid buying non-essential gold. The India Bullion and Jewellers Association (IBJA) reported that the price of 10 grams of 24-carat gold has fallen by ₹1,855 to ₹51 lakh.

The silver market also saw a decline, with one kilogram of silver falling by ₹2,059 to ₹2.28 lakh. This represents a decrease of nearly ₹9,000 in just two days since Modi's appeal. Yesterday, gold prices dropped by ₹2,652 and silver by ₹6,780.

Market expert Anuj Gupta attributed the decline in gold prices to Modi's appeal and rising crude oil prices. The current market situation has put pressure on gold prices, leading to this significant drop.

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