Tue Dec 03 15:51:40 UTC 2024: ## Gold Prices Plunge Over 1% in India After Four-Day Rally

**New Delhi, December 2, 2024** – Gold prices in India experienced a sharp decline today, falling over 1% after a four-day rally. The price of 24-carat gold dropped by approximately ₹1,000 to below ₹76,000 per 10 grams.

This downturn mirrors a global softening in gold markets, attributed to a strengthening US dollar index and profit-booking at higher levels. The strengthening dollar typically decreases the price of gold in other currencies. November saw a more than 3% decline in global gold prices, marking its worst monthly performance since September 2023.

The market sentiment was further impacted by US President-elect Donald Trump’s threat to impose a 100% tariff on imports from BRICS nations that refuse to trade in US dollars.

While the weakening Indian rupee against the US dollar partially cushioned the fall in domestic gold prices, the rupee touched a new low of 84.6075 against the dollar today. According to the Indian Bullion and Jewellers Association (IBJA), spot gold opened at ₹75,867 per 10 grams, down ₹873 from Friday’s closing price of ₹76,740. This compares to a high of ₹79,681 per 10 grams on October 30th and a low of ₹73,739 on November 13th.

Futures prices also mirrored the decline, with the benchmark February gold contract on MCX touching an intraday low of ₹76,201 per 10 grams today. Globally, spot gold fell to $2,621.99 per ounce, and the benchmark US February gold futures contract dropped to $2,644.50 per ounce. These figures contrast sharply with the record highs of $2,790.15 and $2,801.80 per ounce reached on October 31st for spot gold and US gold futures, respectively. The Business Standard Hindi website is currently conducting a survey to improve its services.

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