India Gold Prices Plummet as Rupee Strengthens and Global Cues Turn Bearish

Gold prices in India fell sharply on Tuesday, dropping by Rs 2,640 to Rs 1.47 lakh per 10 grams due to a firm rupee and weak global trends. Silver also declined by Rs 5,200 to Rs 2,24,800 per kilogram.

The decline was attributed to a stronger rupee, which reduced the landed cost of imported bullion in the domestic market, and weak global trends ahead of the US Federal Reserve's policy decision.

According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, gold edged lower on Tuesday as investors turned cautious ahead of the US Federal Reserve's policy decision.

The spot gold prices in the international market fell by 1.31% to USD 4,023.50 per ounce and silver dropped 2% to USD 57.24 per ounce.