Gold Prices Plummet Amid Stronger Dollar and Profit Booking

Gold prices experienced a sharp correction on August 28, 2026, after reaching a record high. The domestic market saw another session of losses, leading to a decline in gold prices. On the Multi Commodity Exchange (MCX), the 24-carat gold futures price dropped by 1.63% or Rs 2,596 to Rs 1,56,400 per 10 grams.

According to Bullions, the price of 24-carat gold was at Rs 1,56,820 per 10 grams. In international markets, gold was quoted at $4,504.10 per ounce. In Delhi's bullion market, 24-carat gold was priced at Rs 1,62,400 per 10 grams, including taxes.

Experts attributed the decline in gold prices to a stronger US dollar and profit booking by traders. LKP Securities' Jatin Trivedi stated that the US dollar's rise above 99.15 levels led to traders taking profits for the third consecutive session, causing gold prices to fluctuate.