Gold Slumps to Four-Session Low as Oil Prices Surge

Gold prices in India's national capital dropped by Rs 1,600 to Rs 1.52 lakh per 10 grams on Thursday, September 24, extending a four-session losing streak due to rising US dollar and higher crude oil prices.

The yellow metal of 99.9% purity depreciated by Rs 1,600 to Rs 1,52,400 per 10 grams, inclusive of all taxes, from the previous day's closing level of Rs 1.54 lakh per 10 grams.

Silver prices also witnessed a downward trend after remaining unchanged for two sessions, tumbling Rs 5,000 to Rs 2.37 lakh per kilogram (inclusive of all taxes).

The weakness in gold was attributed to weak global trends and profit-booking at elevated levels, while silver's greater volatility and exposure to industrial demand amplified the selling pressure.