Gold prices witnessed a sharp decline on Monday, falling by more than ₹7,500 in a single day and dropping below the ₹1 lakh mark per sovereign.
The price of gold, which stood at ₹1,02,680 per sovereign in the morning, fell steeply to ₹99,480 by the afternoon, marking a total drop of ₹7,560 in just one day. On a broader scale, gold prices have declined by ₹31,800 so far this month, reflecting sustained volatility in the market.
In the international market, the price of gold per sovereign also saw a significant fall of ₹3,200 during the day, contributing to the downward trend in domestic rates.
Market experts attribute the decline to global geopolitical developments, particularly the ongoing tensions involving the United States, Israel, and Iran, which have impacted investor sentiment and commodity markets.
Analysts also noted concerns over currency movements, with expectations that the Indian rupee could weaken further, potentially touching ₹94 against the US dollar. With multiple global factors at play, gold prices are expected to remain volatile in the near term.
