Indian Gold Prices Plummet to ₹1,62,980 per 10 Grams Amid Global Cautious Sentiment
Gold prices in India continued their downward trend on Thursday morning, marking a steeper decline than Wednesday's modest dip. The national rate for gold stood at ₹1,62,980 per 10 grams for 24-karat gold (99.9% purity), ₹1,49,400 per 10 grams for 22-karat gold (91.6% purity), and ₹1,22,240 per 10 grams for 18-karat gold (75% purity). This decline is equivalent to a per-gram fall of ₹76, ₹69, and ₹56, respectively.
The sharp drop in prices was attributed to continued profit-booking in global spot gold prices, with investors turning cautious ahead of fresh cues on the US Federal Reserve's policy path. A steadier US dollar and easing concerns over the US-Iran standoff also prompted some investors to book profits after last week's sharp rally.
Dealers noted that physical demand at the retail level remained steady, with the ongoing wedding and festive season in several parts of the country continuing to support jewellery counter footfall even as prices ease from recent highs. Market watchers observed that two consecutive days of falling prices often draw in retail buyers looking to make purchases at more comfortable levels after a stretch of firm rates.