Gold Prices Plummet in India Amid Profit-Taking and Weak Global Cues

Gold prices fell for the second consecutive day in New Delhi, dropping Rs 800 to Rs 1,56,200 per 10 grams. The decline was largely due to profit-taking after a recent rally and weak global cues.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said gold pulled back amid weaker global cues, with spot yellow metal edging lower despite softer-than-expected US producer-price data.

Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that crude oil has bounced back on Friday as the US prepares more economic measures against Iran to get the Strait of Hormuz open.

The international markets saw spot gold trading marginally lower at USD 4,351.01 per ounce, while silver rose 0.33% to USD 64.68 per ounce.