Kochi: After weeks of record-breaking highs, gold prices have taken a surprising dip, falling for the second consecutive day. The yellow metal, which recently appeared poised to cross the ₹1 lakh per sovereign mark, has now dropped by ₹1,520 in just two days, cooling the market’s bullish momentum.
On Sunday, gold prices slipped by ₹120 per sovereign (8 grams), bringing the rate down to ₹95,840 per sovereign. The price per gram also fell by ₹15, now at ₹11,980.
Earlier this week, on October 17, gold had touched a record ₹97,360 per sovereign, sparking speculation of an unprecedented surge past the ₹1 lakh milestone. However, the market saw a sharp correction on Saturday, with prices plunging ₹1,400 to ₹95,960, followed by Sunday’s continued slide.
Experts say the decline reflects global economic uncertainties, especially in the United States, where ongoing financial instability has caused volatility in international gold prices. These global shifts are directly impacting the Indian bullion market, triggering quick fluctuations in domestic rates.
