After soaring past the ₹1 lakh mark and setting new records, gold prices in the state witnessed another sharp decline today. The price fell in two phases, dropping by ₹520 in the morning and a further ₹960 by afternoon, taking the total fall to ₹1,480 per sovereign in a single day.
With the decline, the price of gold now stands at ₹1,02,960 per sovereign. On a per-gram basis, gold fell by ₹120, with one gram now priced at ₹12,870.
Gold prices had crossed the historic ₹1 lakh mark for the first time last Tuesday, following a steep ₹1,760 rise per sovereign. At the beginning of the month, gold was priced at ₹95,680 per sovereign. On the 9th, prices slipped to ₹94,920, the lowest level this month, before steadily climbing in the days that followed.
Market analysts say gold prices are being influenced by multiple factors, including fluctuations in the rupee, the US Federal Reserve’s decision to cut key interest rates, and continued volatility in domestic and global stock markets.
