Kochi: After a sharp two-phase rise of ₹1,400 on Wednesday that hinted gold prices might surge past ₹90,000 again, the market witnessed a surprising drop today.
Gold prices fell by ₹1,400 per sovereign (pavan), bringing the rate down to ₹88,360. The price per gram also declined by ₹175, now standing at ₹11,045.
After briefly dipping below ₹90,000 earlier this week, gold prices had bounced back strongly yesterday, sparking speculation of another rally. However, the market corrected itself today, reversing the previous day’s gains.
In the past ten days alone, the price of gold has dropped by nearly ₹9,000 per sovereign. The lowest price this month was recorded on October 3, when gold was priced at ₹86,560, while the all-time high of ₹97,360 was recorded on October 17.
Experts attribute the fluctuations in gold prices to global economic uncertainty, particularly in the United States, which continues to influence international markets. The movements in global gold prices are directly reflected in the Indian market, leading to these rapid shifts.
