Gold Prices Drop Sharply as Seven-Session Rally Comes to an End

New Delhi, India - The gold market ended its seven-session rally on Thursday, as prices fell by Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital. This decline comes amidst a weak trend in global markets.

The yellow metal of 99.9% purity had closed at Rs 1,59,800 per 10 grams on Wednesday. In comparison, silver faced an even steeper sell-off, tumbling by Rs 6,000 to Rs 2,40,000 per kilogram (inclusive of all taxes), according to the All India Sarafa Association.

Traders pointed out that gold and silver prices fell sharply in the domestic market, following the weakness in overseas bullion markets. In international markets, spot gold was trading 0.43% lower at USD 4,389.67 per ounce, while spot silver dropped marginally to USD 65.03 per ounce.