Gold Prices Plummet in India Amid Global Market Selloff

Gold prices in India dropped sharply on Monday, falling by Rs 2,600 to Rs 1.5 lakh per 10 grams in New Delhi.

This significant decline was triggered by a sharp selloff in global markets, driven by rising crude oil rates and a firm US dollar.

Gaurav Garg, Head of Research at Lemonn, explained that the firm US dollar continued to pressure precious metals, contributing to the price drop.

The yellow metal of 99.9 per cent purity had closed at Rs 1,52,600 per 10 grams in the preceding session.

Silver prices also plummeted by Rs 5,000 to Rs 2.32 lakh per kg, inclusive of all taxes, from Friday's closing level of Rs 2.37 lakh per kg, according to local traders.