Indian Gold Prices Plunge on Strong Dollar and Oil Surge

Gold prices in India's national capital plummeted Rs 1,600 to Rs 1.52 lakh per 10 grams on Thursday, extending a four-session decline, due to rising US dollar and higher crude oil prices.

The yellow metal of 99.9% purity depreciated by Rs 1,600 to Rs 1,52,400 per 10 grams, inclusive of all taxes, from Wednesday's closing level of Rs 1.54 lakh per 10 grams, according to local traders.

Silver prices also tumbled Rs 5,000 to Rs 2.37 lakh per kilogram (inclusive of all taxes), as its volatility and exposure to industrial demand amplified the selling pressure.

Market analysts attributed the weakness in gold prices to weak global trends and profit-booking at elevated levels.