New Delhi, April 7 -- 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.

Similarly, the price of 22-carat gold dropped to Rs 86,280 per 10 grams, while 18-carat gold is now priced at Rs 78,680 per 10 grams. 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 de...