Gold Prices Plummet in India as International Markets Weaken
Gold prices in India plummeted on August 14 after international gold prices weakened and investors booked profits. The correction also pulled domestic gold futures lower, causing MCX gold to fall below ₹1.53 lakh per 10 grams.
The sharp decline followed a recent rally that pushed bullion to higher levels, but profit-taking after gold reached a two-month high led to the correction. A firmer US dollar and changing expectations around the Federal Reserve's interest-rate outlook also added pressure to the precious metal.
Spot gold fell 0.5% to $4,330.70 per ounce, while US gold futures declined 0.7% to $4,387.40. The decline in global bullion markets led to a fall in domestic gold rates, providing some relief for buyers who were waiting for a correction.