The common people in the country have to face a double blow today. On one hand, the prices of petrol and diesel have increased, while on the other hand, there has been a sharp decline in the prices of gold and silver. Due to this, along with the increase in fuel expenses, there is also a stir in the investment market.
Petrol and diesel become expensive
After a long time, oil companies have increased the prices of petrol and diesel by Rs 3 each per litre. After this change, the price of petrol in Delhi has increased to Rs 97.77 per liter, while diesel is now being sold at Rs 90.67 per liter.
This increase, which happened after almost two years, has had a direct impact on the pockets of common consumers. Due to increase in transportation costs, prices of essential commodities are also expected to increase in the coming days.
Sharp fall in gold and silver prices
A fall in the prices of gold and silver was seen in the commodity market on May 15. According to India Bullion and Jewelers Association (IBJA), a huge fall was recorded in the price of silver.
The price of one kg silver fell by Rs 18,693 to Rs 2.68 lakh, whereas earlier it was at Rs 2.87 lakh per kg. This sudden decline has created an atmosphere of anxiety among investors and instability in the market.
A declining trend was also observed in gold prices, due to which there has been increased pressure on the precious metals market.
Mixed effect in the market
The increase in fuel prices on one hand and the fall of gold and silver on the other hand have given mixed signals about the economic situation. Experts believe that the effect of fluctuations in the global market and the situation of the dollar is clearly visible on the Indian market as well.