Gold Prices Plummet in India Amid Strong US Dollar and Profit-Booking

Gold prices in India plummeted by Rs 3,300 to Rs 1.62 lakh per 10 grams on Friday, extending its three-day losing streak amid a strong US dollar and profit-booking by traders.

The domestic bullion market faced pressure from reports of a customs duty cut by the central government due to rising smuggling activity, adding to the selling sentiment in gold.

According to local traders, gold of 99.9 per cent purity depreciated by Rs 3,300 to Rs 1,62,400 per 10 grams from Thursday's closing level of Rs 1,65,700 per 10 grams.

Silver also lost ground in the domestic markets, dropping Rs 5,000 to Rs 2,45,500 per kilogram from the previous close of Rs 2,50,500 per kg.