Gold prices continued to remain under pressure from the downward viewpoint on Thursday as they recorded further losses following a stronger US dollar and a bearish mood across world markets.

Spot gold was around $3,940 per ounce. The previous session had registered almost a 2% drop-the steepest one-day plunge in over a week. The downgrade came after a five-day rally in the dollar index kept investor appetite away from precious metals.

Global equities also remained weak in the sharpest slide in almost a month as concerns about stretched valuations and slowing growth weighed on sentiment.

Keeping pace with international trends, domestic bullion prices dropped as well. On the Multi Commodity Exchange, December gold futures declined 0.43% to ₹1,20,886 per 10 grams, while silver December contracts dropped 0.41% to ₹1,47,154 per kilogram.

As per the Indian Bullion Association (IBA), the price of 24-carat gold in the country was ₹1,21,120 per 10 grams, whilst 22-carat gold was priced at ₹1,11,027 per 10 grams as of November 4. Silver (999 fine) is quoted at ₹1,47,430 per kg. Retail prices typically hover around ₹1,22,450 for 24-carat, ₹1,12,240 for 22-carat, and ₹91,830 for 18-carat in India.

Gold remains a strong hold on the long run despite short-term weakness. In the last 20 years or so, gold prices have recorded growth of nearly 1,200% in India — the gold price per 10 grams being ₹7,638 in 2005 and over ₹1,25,000 as apparently recorded by September 2025.