Financial markets worldwide have plunged into a downturn driven by concerns over a potential recession in the United States. Rising unemployment rates and declining company profits have heightened fears of an economic slowdown.
In Asia, stock markets in Japan, Malaysia, Singapore, Taiwan, and other countries experienced significant declines. The Sensex in India dropped by 2,222.5 points, while the Nifty fell by 662.11 points. On Monday alone, Indian investors saw a reduction in assets by over Rs 15 lakh crore. The situation was exacerbated by the Bank of Japan’s interest rate hike of 0.25%, which led to a withdrawal of foreign investment and a drop in the rupee to a record low of 83.84 against the dollar.
Japan’s Nikkei index plummeted by 13% in a single day. Major global companies such as Apple, Meta, Intel, and Alphabet saw substantial declines in their stock prices over the past two days. Additionally, crude oil prices fell by 1.5%.
Amidst this global market turmoil, many investors are turning to the gold market as a safer investment, with gold trading experiencing a recent surge.
