IANS New Delhi

The effect of the newly announced reciprocal tariffs by US President Donald Trump is now being felt in the global commodity markets, with sharp declines seen in the prices of key commodities like gold and crude oil. 

According to the Indian Bullion Jewellers Association (IBJA), the price of 24-carat gold on Monday fell sharply by Rs 2,613 to Rs 88,401 per 10 grams, down from Rs 91,014 on Friday. Silver prices also took a hit. A kilogram of silver declined by Rs 4,535 to Rs 88,375, compared to its previous price of Rs 92,910 per kg.

The fall in gold prices is largely due to a global decline in rates. Crude oil prices have also slumped amid concerns over a slowdown in global economic activity following the announcement of the trade tariffs. On Monday, Brent crude was trading 2.12 per cent lower at $64.24 per barrel, while WTI crude dropped 2.24 per cent to $60.61 per barrel.