Commodities
Gold Prices Plummet in India Amid Strong Rupee and Global Weakness
Gold prices dropped significantly in India's national capital on Tuesday, as the metal fell by Rs. 2,640 to Rs. 1,47,000 per 10 grams. Silver also declined, down by Rs. 5,200 to Rs. 2,24,800 per kilogram.
The decline in gold prices can be attributed to a stronger rupee, which reduced the landed cost of imported bullion in the domestic market. Additionally, weak global trends and caution ahead of the US Federal Reserve's policy decision kept investors' sentiment subdued.
According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, gold edged lower on Tuesday as investors turned cautious ahead of the US Federal Reserve's policy decision.