Indian Gold Prices Plummet as US Dollar Strengthens

Gold prices declined in India by Rs 600 to Rs 1,66,500 per 10 grams on Wednesday, ending a four-day rally amid weak trends in international markets.

The yellow metal of 99.9% purity had closed at Rs 1,67,100 per 10 grams in the preceding session, but profit booking by traders after a strong multi-week rally led to its decline.

Akshat Siddhant, Lead Quant Analyst at Mudrex, attributed the decrease in precious metal prices to a strengthening US dollar ahead of the US Personal Consumption Expenditures (PCE) inflation report.

In global markets, spot gold fell USD 39.66, or nearly 1%, to USD 4,619.21 per ounce, while silver dropped marginally to USD 68.50 per ounce.