Gold prices continued their weak trend in the global markets and shed $15 an ounce to close at $2,559 an ounce.
Gold prices dipped ₹360 per 10 grams on Thursday to ₹74,900 against ₹75,260 logged on Wednesday, according to the Indian Bullion and Jewellers Association of India data.
From the recent high of ₹79,557 on October 31, the yellow metal has shed ₹4,657 per 10 grams as the rupee dipped against the dollar.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, said domestic gold prices are expected to fall further if the dollar strengthens against the rupee.
Globally, he said the gold price broke the important support of $2,600 an ounce on a stronger dollar and US treasury yields due to the expectation of slower rate cuts in the Trump administration.
Trump’s plan to impose tariffs on imports, slash taxes, and deport millions of illegal immigrants is expected to raise costs in the United States and drive up inflation. He said the US Federal Reserve will likely halt interest rate decreases to combat inflation.