Gold prices in the national capital dropped significantly, with a decrease of Rs 1,250 to Rs 78,150 per 10 grams. This marks the second consecutive session of losses.

The decline is attributed to the strengthening dollar, which has made gold less appealing in global markets. Gold of 99.5% purity also fell to Rs 77,750 per 10 grams from Rs 79,000, while silver dropped Rs 1,100 to Rs 90,600 per kg.

Market analysts have noted that the easing of geopolitical tensions in the Middle East, along with threats of additional tariffs on imports from China, Mexico, and Canada by U.S. President-elect Donald Trump, have led investors towards the American currency. In futures trading on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose by Rs 175, or 0.23%, to Rs 75,486 per 10 grams, indicating ongoing market volatility. Silver contracts for December delivery also saw an increase, rising Rs 698, or 0.8%, to Rs 88,397 per kg. Market participants are expected to continue assessing global developments, which will contribute to the fluctuating prices of these precious metals.