Gold Prices Plummet in India as Dollar Index Rises

On July 29, gold prices experienced a significant drop in the domestic bullion market. The price of 24-carat gold fell by Rs 1,710 per 10 grams to Rs 1,44,160. This decline comes after several consecutive days of rise.

The price fall was attributed to profit booking by investors in the international market and a strengthening dollar index. Market experts also pointed out that caution before the US Federal Reserve meeting had an impact on gold prices. As a result, gold became cheaper in the domestic bullion market.

Despite the drop in gold prices, silver remained stable at Rs 2,39,900 per kg. Traders attributed this stability to balanced demand and supply in the domestic market and global cues.