Gold Prices Plummet ₹832 as Strong Dollar Triggers Profit Booking

Gold prices on the Multi Commodity Exchange (MCX) fell ₹832 to ₹1.53 lakh per 10 grams on Monday, as a strong US dollar and renewed rate-hike concerns led investors to book profits.

The dollar index held above the 100-mark following last week's rate hike, with Fed Chair Kevin Warsh's hawkish tone continuing to support the greenback.

Ashish Rajodiya, Head of Commodities at PL Capital, said that MCX gold slipped below ₹1.54 lakh per 10 gram due to the dollar index holding above the 100-mark.

The pressure was also visible in physical markets, where Indian buyers largely stayed on the sidelines, waiting for more favourable price levels amid weak global cues and subdued domestic retail demand.