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Gold Prices Plummet in India Amid Global Selloff and Strong Dollar

Guavy AI Editorial Team
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Oil Gold Silver
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Gold prices plummeted in India by Rs 2,600 to Rs 1.5 lakh per 10 grams on Monday, as a global selloff and strong US dollar weighed on precious metals.

The decline was driven by rising crude oil rates, geopolitical tensions between the US and Iran, particularly concerning the Strait of Hormuz, and a firm US dollar.

Silver prices also took a hit, plunging by Rs 5,000 to Rs 2.32 lakh per kg, from Friday's closing level of Rs 2.37 lakh per kg.

According to Gaurav Garg, Head of Research at Lemonn, the firm US dollar continued to pressure precious metals, while Brent crude surged 4% to USD 108.53 a barrel due to renewed US-Iran tensions and uncertainty around the Strait of Hormuz.

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