Indian Gold Prices Plummet ₹2,700 as Global Markets Rise
Gold prices in India have seen a sharp correction of ₹2,700 to ₹1.55 lakh per 10 grams, while silver has slipped by ₹10,000 to ₹2.34 lakh per kilogram.
The domestic market saw selling pressure after the recent rally, with traders attributing the decline to this factor. The prices had reached a peak in the local market before correcting sharply.
Despite the decline in India, gold and silver prices have risen globally, with spot gold increasing by $49.82 or 1.15% to $4,366.58 per ounce and silver gaining 2% to $64.77 per ounce.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, attributed the decline in gold prices to elevated crude oil prices, which have revived inflation concerns, as well as higher Treasury yields and rising rate-hike expectations.