Gold Prices Plummet in India Amid Global Market Concerns

Gold prices in India plummeted by Rs 500 to Rs 1,55,400 per 10 gram on Monday as global markets experienced a sharp decline amid rising oil prices and a strong US dollar.

The value of gold fell from its previous close of Rs 1,55,900 per 10 gram on Friday. In contrast, silver remained steady at Rs 2,34,600 per kilogram, according to local traders.

Globally, spot gold dropped by USD 57.22 or 1.3% to USD 4,291.71 per ounce, while silver plummeted nearly 3% to USD 62.82.

Akshat Siddhant, Lead Quant Analyst at Mudrex, attributed the decline in gold prices to a probable Fed rate hike and higher oil prices that have added to inflation worries, putting further pressure on demand for gold and silver.