New Delhi, July 7 -- The craze to invest in gold and silver is receding, leaving golden lessons for investors in its wake.

Gold has fallen around 24% while silver is down around 47% in US dollars since its peak in late January. The decline is lower in Indian rupee terms, at 17% for gold, partly because of a higher import duty, which made imported gold more expensive. Silver declined 40% in rupee terms.

Mint spoke to several market experts, who attributed the decline in these precious metals to various global factors that had little to do with India.

"Gold is not a share of Reliance that it depends on the performance of Mukesh Ambani," said Surendra Mehta, of the India Bullion and Jewellers Association (IBJA). Rather, he said, the price...