Commodities
Indian Gold Prices Decline Amid Weaker Spot Demand and Global Pressue
Gold prices in India have taken a hit as the December contract on the Multi Commodity Exchange (MCX) fell Rs 419, or 0.29%, to Rs 1,46,385 per 10 grams on Tuesday. The decline comes amid weaker spot demand and pressure from international bullion prices.
The sharp sell-off in gold follows a previous session where December gold futures plummeted by more than Rs 3,000 per 10 grams due to global price weakness. Market data shows the December contract had closed around the Rs 1.50 lakh level before Tuesday's further decline.
Analysts attribute the domestic market's correction from recent highs to a fall in spot demand, which reduces support for futures prices after a prolonged period of elevated gold prices.