Gold prices have dropped more than $350, or 16 per cent, since scaling above the $2,000-per-ounce level in early March due to the Fed's rapid rate hikes and the dollar's recent rally. In the spot market, the highest purity gold was sold at Rs 50,816 per 10 grams while silver was priced at Rs 55,009 per kg on Friday, according to the Indian Bullion and Jewellers Association.
