The prolonged fighting in the Red Sea has the potential to affect gold and petrol prices in Hyderabad and other Indian cities.
Brent crude oil has already reached USD 83.92 a barrel, prompting concerns about the potential impact on India, the world’s third-largest oil importer.
While the Indian government has not signaled an increase in petrol or diesel prices, the country’s reliance on Russian oil supply via the Red Sea may result in higher freight expenses. The dispute could impede shipping lines, affecting oil imports and boosting fears about future rate hikes.
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The direct association between gold and crude oil prices is predicted to have an impact on gold rates as well. The rise in crude oil prices has already resulted in a more than 0.6 percent increase in gold rates in Hyderabad and other cities during the last ten days.
The situation is being closely studied, and the degree of the impact on gold and gas prices in Hyderabad and other Indian cities is unknown. The protracted violence creates uncertainty in global markets, potentially affecting a variety of sectors, including commodities and energy.
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