Gold and Silver Prices Plummet: Kashi Bullion Traders Adopt 'No Cash, No Credit' Formula

• Gold and silver prices have seen a significant decline, with silver dropping by approximately 165,000 rupees per kilogram and gold by 40,000 rupees per 10 grams in three days.
• Wholesale bullion traders in Kashi's Thatheri Bazaar and Resham Katra are now operating on a 'metal-to-metal' exchange basis due to market instability.
• Retail customers are opting to exchange old jewelry for new, paying only making charges, which has further impacted wholesale trade.
• The Varanasi Bullion Association patron, Vijay Tiwari, highlights that stalled retail sales have brought wholesale business to a complete halt.
• Price volatility, with sharp falls and rises, is causing disputes over buying and selling rates, leading to potential losses for shopkeepers.

Why It Matters: Sharp fall in gold and silver prices forces Kashi bullion traders to adopt a 'no cash, no credit' metal exchange model.