Gold Prices Tumble Amid Global Market Trends

Gold prices fell for the third consecutive day, dropping Rs 1,000 to Rs 70,650 per 10 grams due to heavy selling by jewellers. The decline follows a significant fall in overseas markets and a reduction in customs duties. Silver prices also fell sharply by Rs 3,500 to Rs 84,000 per kg.

Gold prices continued their downward trajectory for the third consecutive day, plummeting by Rs 1,000 to Rs 70,650 per 10 grams on Thursday. This sharp decline was driven by significant selling activity by local jewellers, spurred by falling international rates.

As per the All India Sarafa Association, gold had closed at Rs 71,650 per 10 grams in the previous session. The 99.9% and 99.5% purity gold each saw a Rs 1,000 drop in price, settling at Rs 70,650 and Rs 70,300 per 10 grams, respectively. Silver also experienced a steep decline, dropping by Rs 3,500 to Rs 84,000 per kg, compared to Rs 87,500 per kg on Wednesday.

Gold has seen a significant Rs 5,000 drop in the last three sessions since July 23, when the government announced a reduction in customs duties on various products, including gold and silver. The duty on these precious metals was slashed from 15% to 6%. Traders attributed the ongoing decline to persistent selling by local jewellers and weakening trends in the international markets, where Comex gold traded down by USD 42.20 at USD 2,421.80 per ounce.