Kochi: After reaching record highs, gold prices took a sharp plunge today, dropping ₹560 per sovereign, bringing the price below ₹64,000. Currently, one sovereign costs ₹63,520, while one gram is priced at ₹7,940, marking a ₹70 decline.
This sudden drop follows an unprecedented ₹3,000 surge over the past week. Yesterday, gold prices spiked by ₹640 in the morning but later fell by ₹400 by noon, paving the way for today’s correction.
On January 22, gold prices crossed ₹60,000 for the first time in history, continuing an upward rally past ₹64,000. Market analysts point to global economic uncertainties, U.S. financial instability, and shifting investor sentiments as key factors influencing the volatility in gold prices.
