Gold Prices Plummet in India Amid International Market Weakness

The gold price in India fell on August 28, following a strong run earlier in the week. The MCX gold futures stood at ₹1,58,410 per 10 grams, down by about 0.75% from the morning session.

The spot gold price had reached a more than three-month high earlier in the week but dropped by 0.5% to $4,576.30 an ounce on August 28. This decline is significant, as international bullion markets weakened following strong gains earlier in the week.

In India, the fall in gold prices could be seen across various categories of retail gold. The rate of 24-karat gold came down to ₹15,982 per gram, while the rate of 22-karat gold fell to ₹14,650 per gram. The price of 18-karat gold was reported to be ₹11,987 per gram.

Market analysts suggest that gold may continue to be volatile for some time ahead following a three-month high level. Any breakout above the previous levels may bring bullish sentiment back, especially in case of safe-haven buying.