Indian Gold Prices Hold Steady as Dollar Strength Weighs on Bullion

Gold prices in India remained largely unchanged on Sunday after a volatile week that saw the precious metal decline. The latest retail rates show 24-carat gold at around ₹1,49,180 per 10 grams, while 22-carat gold is around ₹1,36,750 per 10 grams.

The recent decline in Indian gold prices is closely linked to movements in the international bullion market. Spot gold fell 0.9% to around $4,140.06 an ounce on October 2, with a weekly decline of about 3.4%. Reuters reported that a stronger US dollar and elevated US Treasury yields are putting pressure on bullion.

A stronger US dollar can reduce demand for dollar-denominated gold among buyers using other currencies. The dollar's strength is an important factor for Indian gold prices, although the domestic price also depends on the rupee-dollar exchange rate, import-related costs, and local market conditions.