Indian Gold Prices Plummet ₹8,900 in Five Days Amid Global Bullion Sell-Off
Gold prices in India have plummeted to a nearly two-week low due to global bullion sell-off, leading to a five-day decline of ₹8,900. The price of gold of 99.9 percent purity fell by ₹2,700 to ₹1,58,200 per 10 grams in Delhi on Tuesday.
This sharp drop comes after the US and Iran tensions pushed crude oil prices higher, raising inflation concerns and placing greater focus on interest-rate outlook. The yellow metal has now lost 5.3 percent across five sessions from ₹1,67,100 per 10 grams recorded on August 25.
Silver also weakened sharply, declining by ₹5,000 to ₹2,40,500 per kg. Praveen Singh of Mirae Asset ShareKhan said that gold remained under pressure after US Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole speech kept the possibility of interest-rate increases elevated.