Gold Prices in India Plummet by Rs 900 Amid Stronger Dollar and Weak Global Trends
Gold prices in India fell Rs 900 to Rs 1.54 lakh per 10 grams on Wednesday, following weak global cues and a stronger US dollar.
The decline marks the third consecutive session of gold price drops, with silver remaining unchanged at Rs 2.42 lakh per kilogram.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, gold traded weak on Wednesday as traders booked profits at higher levels.
The dollar index rose towards 100.85, adding pressure on bullion.
Akshat Garg, Head of Research & Product at Choice Wealth, noted that domestic gold prices have gained around 60 per cent in the past year, driven by a global rally, a depreciating rupee, and an increase in import duty from 6 to 15 per cent in April.
As a result, consumers are opting for lighter jewellery, exchanging old pieces, and moving investment money into coins, digital gold, and ETFs.