Indian Gold Prices Plummet to Near Two-Week Low Amid Global Sell-Off

Gold prices in India have been under pressure for five consecutive days, reaching a near two-week low. On Tuesday, gold of 99.9% purity traded at Rs 1.58 lakh per 10 grams, down by Rs 2,700 from Monday's closing level. This decline is part of a larger trend, with gold prices plummeting by Rs 8,900, or 5.3%, in the past five sessions.

The recent fall in gold prices can be attributed to a global sell-off, which has also affected silver. Spot gold dropped USD 80.61, or 2%, to USD 4,368.58 per ounce, while silver fell nearly 3% to USD 64.68 per ounce overseas.

The escalation of the US-Iran conflict and its impact on oil prices have contributed to inflation concerns, making investors more cautious about their investments in precious metals. As a result, gold has become less attractive as a safe-haven asset.