Gold Prices Plummet in India Amid Weak Global Trends and Strong Rupee
Gold prices plummeted in India's national capital on Tuesday due to weak global trends and a firm rupee. The yellow metal of 99.9% purity depreciated by Rs 2,640 to Rs 1,47,000 per 10 grams from Monday's closing level of Rs 1,49,640 per 10 grams, according to the All India Sarafa Association.
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.
Senior Analyst - Commodities at HDFC Securities, Saumil Gandhi, commented on the situation: 'Gold edged lower on Tuesday, retreating from the previous session's gains as investors turned cautious ahead of the US Federal Reserve's policy decision.'