Gold and silver prices drop in India amid rising crude oil costs

Gold and silver prices in India have experienced a significant downward trend due to rising crude oil prices and global economic uncertainties. As crude oil approaches $112 per barrel, concerns regarding inflation and the potential for central banks to maintain high interest rates have pressured precious metals.

In the domestic market, gold prices have seen notable declines. In Delhi, 24-karat gold has dropped to approximately ₹1.44 lakh to ₹1.48 lakh per 10 grams, depending on the specific trading day and source. Silver has faced even sharper declines, with prices falling below the ₹2 lakh per kilogram mark in several markets, reaching 10-month lows.

International markets have mirrored this weakness, with spot gold trading below $4,100 per ounce. Analysts suggest that geopolitical tensions in West Asia and the strengthening of the US dollar continue to influence market volatility. The fluctuations are particularly relevant for consumers ahead of the festive and wedding seasons.