Gold Prices Plummet in India Amid Inflation Concerns

Gold and silver prices in India declined significantly due to concerns over inflation and geopolitical uncertainties. The gold futures contract, October 5 expiry, fell by Rs 1,500 to an early low of Rs 1,51,923 per 10 grams on the Multi Commodity Exchange (MCX). Silver futures, September 4 expiry, dipped by over Rs 3,890 to a low of Rs 2,31,550 per kilogram. The precious metal prices recovered slightly later in the day, but still remained lower than the previous day's closing.

The MCX Gold price was trading at Rs 1,52,574, down by Rs 892 or 0.58 percent, while the MCX Silver price was quoted at Rs 2,33,410, down by Rs 2,037 or 0.87 percent. Ponmudi R, CEO of Enrich Money, noted that the gold prices are trading near Rs 152,500 after facing rejection from highs near Rs 155,500. Immediate resistance is placed at Rs 153,000, Rs 153,500, and a decisive move above could push toward Rs 154,000, Rs 154,500.

The international market also saw gold and silver prices decline. COMEX Gold was trading at $4,390.10, down by $30.30 or 0.69 percent, while COMEX Silver was quoted at $64.435, down by $0.55 or 0.86 percent.