Gold Prices Plummet by Rs 800 Ahead of Rakshabandhan Celebrations
Gold prices in India fell by Rs 800 to Rs 1,65,700 per 10 grams on Thursday, marking its second consecutive decline. This drop comes ahead of Rakshabandhan celebrations, a festival where consumers traditionally purchase gold and silver jewellery as gifts.
The yellow metal's price had closed at Rs 1,66,500 per 10 grams the previous day. Silver, however, remained unchanged at Rs 2,50,500 per kilogram, inclusive of all taxes.
Analysts attribute the decline in gold prices to a rebound in the US dollar and Treasury bond yields, which followed stronger-than-expected US inflation data.
According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, spot gold traded lower due to the recovery in the US dollar and Treasury yields. He stated that 'gold declined Rs 1,400 over the last two trading sessions.'