Gold Prices Plummet in India Amid Global Market Turmoil
On September 28th, gold and silver prices plummeted in India's domestic market. The price of 24-carat gold fell by Rs 4,065 to around Rs 1.48 lakh per 10 grams, according to the India Bullion and Jewellers Association (IBJA). Silver also dropped sharply, with a price decrease of Rs 9,158 to approximately Rs 2.23 lakh per kilogram.
The decline in gold prices is a significant drop, having fallen by around Rs 8,000 so far this month. On August 31, 24-carat gold was priced at about Rs 1.56 lakh per 10 grams, but has now decreased to around Rs 1.48 lakh.
The Indian stock market also extended its losing streak on Monday, with the benchmark indices falling sharply amid heavy selling pressure. The Sensex dropped 1,124 points, or 1,52%, to close at 72,772, while the Nifty fell 360 points, or 1.56%, ending the session at 22,780.