Gold and silver exchange-traded funds (ETFs) witnessed sharp declines on Friday as weakness in global precious metal prices triggered heavy selling across the sector. While gold ETFs fell by around 2–2.5 per cent, silver ETFs suffered even steeper losses, dropping more than 5 per cent in early trade.
Days after Prime Minister Narendra Modi appealed to citizens to avoid buying gold for a year, the Centre has announced a major increase in import duty on gold and silver.
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