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Commodities

Gold Prices Plummet in India Amid Dollar Strength

Guavy AI Editorial Team
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Gold
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Gold prices in India have declined for the third consecutive day, with the metal's value dropping by Rs 3,300 to Rs 1.62 lakh per 10 grams on Friday.

The US dollar's recent surge in strength has been cited as a major factor contributing to gold's decline, according to analysts.

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said that rumors of a customs duty cut by the central government due to rising smuggling activity have also weighed on domestic prices.

In the international markets, spot gold was trading marginally lower at USD 4,599.70 per ounce, while silver bucked gold's retreat with a 1.51% rise to USD 70.31 per ounce.

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