Jobs and exports in India are threatened due to high gold/silver prices

Gold prices touched an unprecedented Rs 1,04,300 per 10g in Ahmedabad on Saturday, and silver climbing to Rs 1.15 lakh per kg jewellers and bullion traders are anxious.  The surge, driven by safe-haven demand amid global geopolitical tensions, comes at a time when India’s jewellery exporters face the added blow of higher tariffs from the United States — their largest market.

“The situation is grim as gold prices went up internationally due to safe-haven demand. As a consequence, the sale of bullion slowed sharply, and jewellery demand is even weaker. If this continues, it will inevitably lead to major unemployment in the sector. Festive season sales are expected to take a hit,” said Haresh Acharya, director of India Bullion and Jewellers’ Association (IBJA).