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Gold prices in Kolkata experienced a nearly 3% drop, falling to 88,401 per 10 gm, triggering a surge in demand from wedding shoppers and bullion investors. Jewelers anticipate a significant increase in sales volume this week, driven by the price correction and upcoming wedding season.
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A global retreat in crude oil prices to bear territory cushioned the rupee's fall, as did likely dollar sales by exporters and RBI to help the unit find a floor, traders said.
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Technical analysts suggest the Nifty is at a crucial juncture, with 21,700-21,900 acting as a key support. A break below this level could trigger a further decline to 21,200-21,300.
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