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Commodities

Gold Prices Plunge in India Amid Strengthening US Dollar

Guavy AI Editorial Team
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Gold prices plummeted in India's national capital on Wednesday, losing Rs 600 to reach Rs 1.66 lakh per 10 grams. This decline snapped a four-day rally that had been building momentum.

The yellow metal of 99.9% purity saw its price drop from the previous session's close of Rs 1.67 lakh per 10 grams, according to data from the All India Sarafa Association.

Silver, however, showed a modest rebound, rising by Rs 500 to reach Rs 2.50 lakh per kilogram (inclusive of all taxes).

Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, attributed the decline in gold prices to a strengthening US dollar ahead of the upcoming US Personal Consumption Expenditures (PCE) inflation report.

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