Delhi Gold Prices Plummet ₹1,500 Amid Weak Global Trends

Gold prices fell by ₹1,500 to ₹1.54 lakh per 10 grams in Delhi on Tuesday, following weak global trends and hawkish remarks from Federal Reserve officials.

The yellow metal of 99.9% purity depreciated by ₹1,500 to ₹1,54,900 per 10 grams, inclusive of all taxes, from Monday's closing level of ₹1,56,400 per 10 grams, according to local traders.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that gold extended its decline as hawkish remarks from Federal Reserve officials and a strong US dollar exerted downward pressure on precious metals. The dollar index remained above 100, close to its highest level since late July, after Fed officials indicated that interest rates might need to stay elevated for an extended period.