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Commodities

Gold Prices Crash: Sharp Rally Ends as Investors Book Profits

Guavy AI Editorial Team
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Gold Oil
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Gold prices have taken a hit in India and internationally as investors booked profits and shifted focus towards interest rate expectations in the United States. The sharp rally in gold prices that had been observed recently came to an abrupt halt on July 24, with prices slipping across most Indian cities.

In Delhi, the price of 24 carat gold fell to Rs 146,320 per 10 grams, while in Mumbai it declined to Rs 146,170 per 10 grams. The decline is attributed to rising crude oil prices and fresh concerns over inflation, which have changed investor expectations and put pressure on precious metals.

International gold prices also suffered a decline, with spot gold in the international market slipping to USD 4,042.77 per ounce. US gold futures for August delivery were trading at USD 4,045.60 per ounce, further indicating a weak trend in the global gold market.

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