Kochi: After touching historic highs, gold prices in the State witnessed a sharp reversal on Friday, offering brief relief to buyers. The price of gold fell by ₹600 per sovereign, bringing the rate down to ₹1,05,000. On a per-gram basis, prices declined by ₹75, with one gram of gold now costing ₹13,125.
The setback comes just a day after gold prices surged dramatically, rising by ₹1,080 per sovereign in two phases to reach an all-time high. Gold had crossed the ₹1 lakh mark for the first time on December 23 and continued its upward march in the days that followed.
Market experts attribute the volatility to fluctuations in the international market. Global geopolitical developments, including concerns over US military actions in Venezuela, have influenced investor sentiment. Meanwhile, strong demand for gold as a safe-haven investment continues to keep prices elevated, even as short-term corrections emerge.
