Kochi: After a stunning rally that pushed prices to record levels, gold has finally lost some of its shine. In a sharp correction, prices fell by ₹1,400 per sovereign (8 grams) on Saturday, bringing the rate down to ₹95,960 per sovereign and ₹11,995 per gram — a drop of ₹175 per gram.
Just a day earlier, gold had surged by ₹2,840 per sovereign, breaking all previous records and fueling speculation that prices could soon cross ₹1 lakh per sovereign.
According to market analysts, the earlier surge was driven by global investors flocking to gold as a safe-haven asset amid economic uncertainty in the U.S. and concerns over global financial stability.
Experts note that fluctuations in the international bullion market continue to directly impact Indian prices, resulting in wild swings.
Despite today’s dip, traders caution that volatility may persist, and gold could remain at elevated levels as global markets stay on edge.
