Indian Gold Prices Fall Marginally Amid Profit-Taking

Gold prices in India started off weaker on August 15 following an eventful week. The benchmark price of 24-karat gold was fixed at ₹15,288 per gram, with 22-karat gold priced at ₹14,014 and 18-karat gold at ₹11,466.

This small drop in prices hides a bigger shift over the past 10 days, as 24-karat gold is still up ₹3.15 lakhs per kilogram or 2.1% from August 6.

The market has currently become stuck between safe-haven buying and profit-taking while recent foreign inflation numbers and US interest rate expectations have made precious metals highly sensitive to every economic news update.

Gold futures in October declined by up to ₹1,233 or 0.8% to ₹1,52,233. The futures contract closed lower at ₹1,52,415, having fallen ₹1,051 or 0.68%.