Mumbai: Gold prices crashed sharply this week, marking their biggest single-day fall in 12 years. In global markets, spot gold slipped to USD 4,109.19 per ounce, down about 6 percent from its record high of USD 4,381.21 touched just a day earlier. This steep fall followed a 5 percent slide on Tuesday, the worst daily drop since August 2020.

Domestic Market Braces for Impact

In India, gold prices also retreated from record peaks. From a high of Rs 132,294 per 10 grams, the metal dropped to around Rs 128,000, falling more than Rs 4,000 or roughly 3 percent. The local bullion market was shut on Tuesday due to the Diwali Balipratipada holiday, but analysts expect a selloff when trading resumes in the evening session. Read Also Gold Prices Soar To Fresh Record High, Investors Turn To Safe

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