Gold Prices Plummet by ₹4,900 in India Amid Global Profit-Booking

Gold prices in India plummeted sharply on Wednesday morning, marking the steepest single-session decline in recent weeks. The national rate for gold now stands at ₹1,52,020 per 10 grams for 24-karat gold (99.9% purity), ₹1,39,350 per 10 grams for 22-karat gold (91.6% purity), and ₹1,14,020 per 10 grams for 18-karat gold (75% purity). This translates to a uniform decline of about 3.13% across all three purity categories.

The steep correction breaks Tuesday's mixed session, in which 24K and 22K gold had edged higher even as 18K gold eased. Dealers attributed the sharp fall to heavy profit-booking in global spot gold prices after this week's earlier gains, along with signs of easing geopolitical risk premium as diplomatic channels around the Iran-US standoff showed tentative signs of de-escalation.

Despite the sharp fall, physical demand at the retail level held up, dealers said, with the wedding and festive season in several parts of the country continuing to support jewellery counter footfall. Market watchers noted that Wednesday's steep correction has brought gold to its most affordable level in several weeks, a trend that could draw in fresh retail buying through the rest of the week if prices stabilise near current levels.