Kochi: Gold prices slipped below the ₹72,000 mark today, defying bullish market expectations. The price of one sovereign (8 grams) dropped by ₹280, settling at ₹71,520, while the per gram rate fell by ₹35 to ₹8,940.
Just days ago, gold appeared to be on a strong upward trajectory after hitting a low of ₹68,880 per sovereign on May 15. A sharp ₹1,560 dip had dragged prices below ₹70,000, but the market quickly rebounded, with gold climbing nearly ₹3,000 in a week—fueling hopes of a breakout above ₹72,000. Today’s decline, however, brought that rally to a halt.
Analysts point to a combination of global and domestic influences behind the price dip. Renewed strength in the stock market and cooling tensions in the US-China trade standoff have tempered demand for gold as a safe-haven asset. With investor focus shifting back to equities, gold is facing a temporary correction after weeks of gains.
