Investors take to gold dip as Mideast war rages on

Gold and silver prices fell about 3% and 7% respectively this week in international markets, with LBMA gold slipping below $4,000 per ounce and silver below $55 per troy ounce. The dip drew Indian consumers back to jewellery stores, with one retailer reporting a 25% rise in enquiries in July, and gold ETFs attracted net inflows of about Rs 3,443 crore in June after prior outflows. Meanwhile the rupee depreciated over 1% against the dollar as crude oil climbed on renewed US-Iran tensions, and investors are growing cautious on silver while favouring gold as a long-term hedge.