Indian Gold Prices Plummet as Domestic Market Sees Sharp Correction

Gold prices in India took a significant hit on Friday, falling by Rs 2,700 to Rs 1.55 lakh per 10 grams in the Delhi bullion market.

The decline in gold prices was accompanied by a drop in silver prices, which plummeted by Rs 10,000 to Rs 2.34 lakh per kg.

According to local traders, the sharp correction in domestic bullion prices reflected selling pressure in the local market after the recent rally.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold prices in the overseas trade recovered slightly but remained under pressure and are on track for a third consecutive weekly decline.