Commodities
Indian Gold Prices Fall Sharply After Seven-Session Rally
Gold prices in India fell sharply on Thursday, ending a seven-session rally that saw the metal gain Rs 2,800. The price of gold of 99.9 per cent purity dropped to Rs 1,57,000 per 10 grams in the national capital.
This decline comes after gold had closed at Rs 1,59,800 per 10 grams on Wednesday, according to the All India Sarafa Association.
Silver also saw a steep sell-off, tumbling by Rs 6,000 to Rs 2,40,000 per kilogram. The white metal had settled at Rs 2,46,000 per kg in the preceding session.
Traders attributed this decline to weakness in overseas bullion markets. Spot gold was trading 0.43 per cent lower at USD 4,389.67 per ounce, and spot silver dropped marginally to USD 65.03 per ounce.