Indian Gold Prices Tumble Despite Global Safe-Haven Buying

Gold prices in India have been hovering near record highs due to safe-haven buying and currency fluctuations. Despite this, local demand for bullion remains subdued as retail customers are hesitant to commit fresh capital at current price points.

Jewellers report that most buyers are sitting on the sidelines or exchanging old ornaments rather than making new purchases. This is evident from the spot gold prices in major cities, which have been steady around ₹1,49,400 per 10 grams for Standard 24-karat gold.

The market sentiment varies across different regions, with cautious retail buying and heavy focus on old gold exchange reported in New Delhi. In other cities like Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad, buyers are delaying purchases, waiting for potential market corrections or are being deterred by high baseline prices and making charges.