Gold Prices Plummet for Third Straight Session Amid Dollar Strength
Gold prices experienced their third straight session of losses in the domestic market on Friday. The Multi Commodity Exchange (MCX) saw a sharp decline of 1.63% or Rs 2,596 in the price of 24-carat gold futures to Rs 1,56,400 per 10 grams.
The international market also reflected this trend, with spot gold falling to $4,599.70 per ounce. MCX Gold Futures declined further, with the October contract losing Rs 856 or 0.54% and settling at Rs 1,58,140 per 10 grams.
Analysts pointed to the strengthening of the US dollar and profit booking as key factors contributing to gold's decline. Manav Modi, Commodity Analyst of Motilal Oswal Financial Services, noted that speculation surrounding a reduction in customs duty had put pressure on domestic prices.