Gold prices witnessed a steep decline on Monday, dropping by over 10 per cent to around Rs 1.29 lakh per 10 grams in the futures market, as a broad global sell-off in precious metals unfolded amid mounting macroeconomic concerns.

On the Multi Commodity Exchange, gold futures plunged by Rs 14,897, or 10.3 per cent, settling at Rs 1,29,595 per 10 grams. The metal has now fallen by Rs 63,501, or nearly 33 per cent, from its record high of Rs 1,93,096 per 10 grams reached on January 29, 2026.

According to analysts, the sharp correction has been driven by growing inflation worries and a spike in crude oil prices, both of which have weighed on the global economic outlook.