Gold Prices Continue Decline, Reach Most Affordable Level in Nearly Two Weeks
Gold prices in India continued their decline for a second consecutive session on Monday, August 31. The national rate for gold stood at ₹1,56,770 per 10 grams for 24-karat (99.9% purity) gold and ₹14,370 per gram. This marks a decline of ₹3,050 from Friday's closing levels.
The drop in prices is attributed to profit-booking in global spot gold prices following last week's sharp rally, as well as a steady US dollar. Easing safe-haven demand has kept sellers in control at the start of the week. Dealers described the move as a continuation of Friday's correction rather than a fresh leg lower.
The decline has brought rates to their most affordable level in nearly two weeks, which may draw in fresh retail buying if prices stabilise. Physical demand remained resilient despite the ongoing slide, with the wedding and festive season supporting jewellery counter footfall.