Indian Gold Prices Plummet Amid Dollar Surge and Oil Price Hike

Gold prices in India plummeted by Rs 1,600 to Rs 1.52 lakh per 10 grams on Thursday, marking a fourth consecutive session of decline. The metal's value has been impacted by a stronger US dollar and higher crude oil prices.

The price drop was also influenced by weak global trends and profit-booking at elevated levels. Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted that a stronger US dollar and rising Treasury yields continue to weigh on precious metals.

Additionally, the pressure on gold prices has been compounded by a spike in crude oil prices, which reached USD 106 per barrel due to supply concerns from West Asia. This has intensified the selling pressure on gold.