Mon Nov 18 10:40:00 UTC 2024: ## Gold Prices Plummet in India, Nearing September Lows
**Mumbai, India** – Gold prices in India have experienced a significant drop, falling to ₹74,970 per 10 grams as of 10:30 AM today, according to the India Bullion and Jewellers Association (IBJA). This represents a ₹1,220 decrease from last Monday and brings prices close to the lows seen on September 20th.
The decline follows a peak of ₹81,500 per 10 grams on October 23rd, just before the Diwali festival. Post-festive season, demand weakened, leading to a continuous price drop since October 31st. Currently, prices are mirroring those observed in September, indicating subdued domestic demand.
This trend mirrors global gold market movements. The World Gold Council reports a price of $2,580 per ounce. Factors contributing to the global decline include a strengthening US dollar and reduced political uncertainty following the US elections. The decreased appeal of gold as a safe-haven asset is also attributed to a shift in investor focus towards equities, driven by strong fund inflows.
Silver prices have followed suit, currently priced at ₹89,280 per kilogram in India. Futures contracts reflect similar downward trends on the Multi Commodity Exchange of India (MCX). The weakening demand, both domestically and internationally, points to a softening gold market.
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