Gold Prices Tumble in India Amid Global Selloff and Strong US Dollar

Gold prices in India plummeted to Rs 1.5 lakh per 10 grams on Monday, marking a decline of Rs 2,600 from the previous session. The sharp fall was attributed to a global selloff, a strong US dollar, and rising crude oil rates.

Brent crude surged 4% to USD 108.53 a barrel due to renewed US-Iran tensions and uncertainty around the Strait of Hormuz, heightening supply concerns according to Gaurav Garg, Head of Research at Lemonn. This further pressured gold prices, which slid below USD 4,200 per ounce.

Silver prices also plummeted by Rs 5,000 to Rs 2.32 lakh per kg, down from Friday's closing level of Rs 2.37 lakh per kg. The decline was driven by a firm US dollar and geopolitical tensions between the US and Iran.