High silver prices threaten Lucknow’s famed bridal nagra craft

War-driven price risesPrices for precious metals actually began rising with Russia’s invasion of Ukraine back in early 2022, but economists say prices surged significantly with the US and Israeli attacks on Iran.In 2023, silver prices in India largely fluctuated between $725 (70,000 rupees) and $830 (80,000 rupees) per kilogramme, rising to around $985 (98,000 rupees) in 2024. But this year, amid the conflict with Iran, silver prices briefly soared as high as $4,670 (450,000 rupees) per kg before easing after the ceasefire. Even now, after some decline, prices are hovering around $2,600 (250,000 rupees) per kg, more than three times their levels just a few years ago.Dr. Salahuddin Ayyub, an economist and international trade expert with India’s Ministry of Commerce and Industry, said geopolitical conflicts have triggered unprecedented volatility in global commodity markets.“When stock markets become volatile, investors move their money into safer assets, such as gold and silver,” Ayyub explained. “This sudden surge in demand pushes the prices of precious metals sharply upwards.”The consequences have been particularly severe in India, he said, because gold and silver remain deeply in...