NEW DELHI, Mar 23: Gold prices plummeted sharply by more than 10 per cent to Rs 1.29 lakh per 10 grams in futures trade on Monday amid a global sell-off in precious metals driven by macroeconomic pressures.
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On the Multi Commodity Exchange, the yellow metal dived by Rs 14,897, or 10.3 per cent, to Rs 1,29,595 per 10 grams
The yellow metal has now declined by Rs 63,501, or nearly 33 per cent, from its all-time high of Rs 1,93,096 per 10 grams recorded on January 29, 2026.
Analysts said the sharp fall was triggered by rising inflation fears and a surge in crude oil prices, which have clouded the global economic outlook.
Gold prices experienced a significant decline on Monday amid a sharp sell-off in precious metals, driven by rising inflation fears and a surge in crude oil prices exacerbating concerns about global economic stability, Gaurav Garg, research analyst at Lemonn Markets Desk, said.
He added that a stronger US dollar and rising bond yields have led to liquidity-driven selling, overshadowing the traditional safe-haven appeal of gold.
Last week, gold had dropped Rs 13,974, or 8.82 per cent, to close at around Rs 1.44 lakh per 10 grams in the domestic market. (PTI)
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