Indian Gold Prices Fall ₹600 Amid Profit Booking and International Weakness

Gold prices in India experienced a decline of ₹600, bringing the price to ₹1,66,500 per 10 grams after a four-day uptrend. This decrease is attributed to profit booking by traders and weak trends in international markets.

The previous closing price for gold had been ₹1,67,100 per 10 grams, according to the All India Sarafa Association. In contrast, silver prices saw a slight increase, rising by ₹500 to reach ₹2,50,500 per kilogram.

Analysts suggest that the reduction in gold prices can be linked to traders capitalising on recent gains after a sustained period of increases. Akshat Siddhant, Lead Quant Analyst at Mudrex, stated, 'Gold has eased in the domestic markets as traders booked profits after a strong multi-week rally.'

The adjustments in gold and silver prices highlight the volatile nature of precious metals, influenced by both domestic and international market conditions.