Gold Prices Plunge: Rupee's Surge Causes ₹1,000 Drop, Experts See Buying Opportunity

• Indian gold prices dropped by nearly ₹1,000 in three days, with MCX gold falling from ₹1,35,199 to ₹1,34,206.
• The primary reason for the decline is the strengthening of the Indian Rupee against the US Dollar, reaching 89.59.
• The Rupee's appreciation was influenced by the Bank of Japan's interest rate hike, which weakened the Dollar Index.
• Experts view the current price dip as a temporary fluctuation and a significant buying opportunity for investors.
• Long-term outlook for gold and silver remains positive, with potential for gold to reach ₹1,37,000-₹1,40,000 domestically.

Why It Matters: Gold prices fell due to a stronger Rupee, presenting a temporary dip and a good long-term buying opportunity.