Gold and Silver Prices Decline Amid Geopolitical Tensions
Gold, Silver Outlook: Gold rate set to break 4-week rally; silver price plunges 6% — key levels to watch
Mint
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Gold and silver prices in India fell on Friday, with gold down to ₹1,51,735 per 10 grams and silver at ₹2,39,585 per kg. The decline follows a four-week rally, influenced by geopolitical tensions related to the US-Iran conflict and rising crude oil prices, which have heightened inflation concerns.
- 01Gold prices in India fell to ₹1,51,735 per 10 grams, down 0.02%.
- 02Silver prices dropped significantly by 6% this week, currently at ₹2,39,585 per kg.
- 03Geopolitical tensions and rising oil prices are impacting market sentiment.
- 04Analysts predict potential further declines for both gold and silver if key support levels are breached.
- 05Upcoming central bank monetary policy decisions could influence market direction.
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Gold and silver prices in India experienced a decline on Friday, with gold trading at ₹1,51,735 per 10 grams, down 0.02%, and silver at ₹2,39,585 per kg, down 6% this week. The drop follows a four-week rally and is attributed to ongoing geopolitical tensions related to the US-Iran conflict and rising crude oil prices, which have surged nearly 17% this week, raising inflation concerns. Analysts suggest that gold is entering a consolidation phase, with immediate support at ₹1,49,500 and resistance around ₹1,53,000. Silver is also expected to remain volatile, with potential movements between ₹2,45,000 and ₹2,55,000 in the coming week. Investors are advised to monitor upcoming central bank monetary policy decisions as they may significantly influence market trends.
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The decline in gold and silver prices may affect investors and consumers, particularly those relying on these metals for investment or industrial use.
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