Gold Prices Plummet Across Indian Cities Amid Geopolitical Uncertainty
Gold prices have plummeted across major Indian cities in recent days, with 24-carat gold dropping from ₹1,63,242 per 10 grams on August 24 to ₹1,50,159 today. This represents a significant fall of over ₹13,000. A similar trend has been observed in 22-carat gold, with prices declining by more than ₹10,000.
The price drop is not limited to Delhi alone; it has also affected Chennai, Mumbai, and Bengaluru. Among these cities, Chennai currently holds the highest 24-carat gold price at ₹1,51,510.43 per 10 grams. Delhi and Bengaluru are priced slightly lower at ₹1,50,159 each, while Mumbai's 24-carat gold price stands at ₹1,50,242.
Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com, attributes the fall in gold prices to a combination of geopolitical uncertainty, higher oil prices, and inflation risks. He notes that the precious metal is caught between expectations of a more hawkish Federal Reserve and concerns around currency debasement.