After a record-breaking rally that pushed prices beyond the ₹1 lakh mark, gold prices in the state saw a sharp correction today. The price of gold fell by ₹520 per sovereign, settling at ₹1,03,920, though it continues to remain above the historic ₹1 lakh level. On a per-gram basis, gold dropped by ₹65 to ₹12,990. The actual cost for buyers, however, will rise further once making charges and taxes are added.
Gold had crossed the ₹1 lakh milestone for the first time on Tuesday following a massive ₹1,760 jump per sovereign. At the start of the month, gold was priced at ₹95,680 per sovereign. Prices later dipped to the month’s lowest level of ₹94,920 on the 9th, before staging a steady climb in the days that followed.
Market experts point to several factors shaping gold prices, including fluctuations in the rupee, the US Federal Reserve’s interest rate cuts, and ongoing volatility in both domestic and global equity markets.
Silver Prices Also Decline
Silver prices mirrored the downward trend, falling by ₹4,000 per kilogram to ₹2,81,000 per kg. On a per-gram basis, silver declined by ₹4, with the current rate at ₹281 per gram.
