Gold and silver prices in India fell for a third consecutive session on Thursday, April 23. The dip mirrors global markets where a stronger U.S. dollar and higher bond yields have reduced bullion’s appeal. Shifting expectations around interest rates are prompting investors to stay cautious, dragging prices in major cities including Mumbai.
The Indian rupee hit a record low, falling past 95 per US dollar for a third straight session. Traders saw only temporary support after the RBI tightened banks’ forex position caps, but broader Asian currency weakness and risks tied to the Middle East conflict continued to pressure the currency. Analysts warn the relief may be short-lived.
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The Indian rupee weakened sharply against the US dollar on Thursday, sliding to its weakest level in over three weeks as oil prices surged. With global worries over possible supply disruptions adding to the pressure, the RBI is widely expected to have intervened to steady the currency. The move deepens existing FX stress.
Gold and silver in India eased on MCX as a stronger US dollar pressured prices. Traders are watching potential US-Iran talks this weekend, with analysts flagging volatility risk from oil and currency swings. While MCX quotes softened, physical gold in major Indian cities held steady. Key technical levels point to cautious buy-the-dip strategies.
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