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Spike in gold prices hits biz in Andhra village
The Morning Standard
|May 02, 2025
GOLD, once a cherished adornment for the common man, has transformed into a premium commodity, with 10 grams of 24-carat gold now priced close to ₹1,00,000.
This unprecedented surge, driven by global factors such as the Russia-Ukraine war, Israel-Lebanon tensions, a weakening US dollar, and political instability in Arab nations, has rendered gold jewellery unaffordable for many.
In Proddutur, YSR Kadapa district, renowned as the "Second Mumbai" and "City of Gold" for its thriving gold market, the soaring prices have crippled businesses and pushed traditional goldsmiths into financial distress.
This story is from the May 02, 2025 edition of The Morning Standard.
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