Kochi: After slipping below the ₹1 lakh mark yesterday, gold prices declined once again on Wednesday afternoon. The price of gold fell sharply by ₹480 per sovereign at one go, taking the rate to ₹99,160 per sovereign (8 grams). Earlier in the day, the price had already dropped by ₹240 per sovereign. Correspondingly, the price per gram fell by ₹60 to ₹12,395.
It was on Tuesday that gold prices dropped below ₹1 lakh following a steep single-day fall of ₹2,240 per sovereign, sliding from ₹1,02,120. Gold had crossed the ₹1 lakh mark for the first time on December 23, and prices continued to rise in the subsequent days.
After touching an all-time high of ₹1,04,440 per sovereign on Saturday, gold prices began to decline. Over the last four days, the total fall has exceeded ₹5,200 per sovereign.
At the beginning of this month, the price of one sovereign stood at ₹95,680. On the 9th, it dropped to ₹94,920, the lowest level for the month, before witnessing a steady rise in the days that followed, leading up to the recent correction.
