India's Gold Prices Drop as Global Markets Weaken

Gold prices in India's national capital fell by Rs 2,800 to Rs 1,57,000 per 10 grams on Thursday after a seven-session rally. This decline was triggered by a weak trend in global markets.

The yellow metal of 99.9% purity had closed at Rs 1,59,800 per 10 grams on Wednesday, marking the end of its seven-day winning streak.

Not only gold but silver also faced significant pressure, plummeting by Rs 6,000 to Rs 2,40,000 per kilogram (inclusive of all taxes), according to the All India Sarafa Association.

The weak trend in global markets is reflected in the international prices, where spot gold was trading 0.43% lower at USD 4,389.67 per ounce, and spot silver dropped marginally to USD 65.03 per ounce.