Gold Prices Plummet in India Amid Global Weakness

Gold prices in India plummeted on Thursday, ending a seven-session rally that had seen the precious metal surge by thousands of rupees per 10 grams. The yellow metal's price dropped by Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital, according to the All India Sarafa Association.

The sharp decline was triggered by a weak trend in global markets, where spot gold was trading 0.43 per cent lower at USD 4,389.67 per ounce. Silver prices also took a hit, tumbling Rs 6,000 to Rs 2,40,000 per kilogram.

The drop in gold and silver prices comes after a week of gains for the precious metals. On Wednesday, gold had closed at Rs 1,59,800 per 10 grams, while silver had settled at Rs 2,46,000 per kg.