Gold Prices Plummet in India as Profit-Taking Weighs on Bullion

Gold prices in India fell for the second consecutive day on Friday, dipping by Rs 800 to Rs 1,56,200 per 10 grams due to profit-booking and weak global cues.

The decline was driven largely by investors taking profits after a recent rally, while also being cautious about adding fresh positions at elevated levels, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.

In the international markets, spot gold was trading marginally lower at USD 4,351.01 per ounce, while silver rose 0.33 percent to USD 64.68 per ounce.

The yellow metal's decline extended to test support around USD 4,300 due to profit booking and tentative selling as oil prices recovered.