Gold Prices Plummet Rs 800 Amid Crude Surge and Geopolitical Fears

Gold prices plummeted by Rs 800 in Delhi on Wednesday as investors became increasingly cautious due to rising crude oil rates and geopolitical uncertainty. The yellow metal of 99.9% purity closed at Rs 1,58,000 per 10 grams, down from Tuesday's close of Rs 1,58,800.

Silver prices also declined sharply, losing Rs 5,730 to Rs 2,35,000 per kilogram, following heavy selling in the market. The All India Sarafa Association reported this significant drop in silver prices.

Jateen Trivedi, VP Research Analyst at LKP Securities, attributed gold's weak performance to higher crude oil rates and the ongoing uncertainty between Washington and Tehran. He noted that investors' sentiment remains cautious due to these factors.