Gold and Silver Prices Plummet in India Amid Strong Rupee and Global Weakness

Gold prices in India dropped significantly on Tuesday due to weak global trends and a firm rupee. The yellow metal of 99.9 per cent purity depreciated by Rs 2,640 to Rs 1,47,000 per 10 grams (inclusive of all taxes) from Monday's closing level of Rs 1,49,640 per 10 grams.

Silver also witnessed a decline in price and tumbled Rs 5,200 to Rs 2,24,800 per kilogram (inclusive of all taxes). The white metal had settled at Rs 2,30,000 per kg in the previous session.

According to traders, a stronger rupee reduced the landed cost of imported bullion in the domestic market. Additionally, weak global trends and caution ahead of the US Federal Reserve's policy decision kept investors' sentiment subdued.