Gold prices witnessed a steep decline on Thursday, offering brief relief to buyers after weeks of unprecedented gains in the bullion market.
The price of gold dropped by ₹4,640 per sovereign, while silver fell by ₹20,000 per kilogram, reflecting a sharp correction following extreme volatility.
In recent weeks, gold prices had surged at a record pace, with the price of one sovereign crossing the ₹1 lakh mark.
Daily fluctuations running into several thousand rupees have been common. On January 29, gold recorded a massive single-day jump of ₹9,520 per sovereign. Although prices dipped briefly thereafter, they rose again over the past two days before witnessing today’s decline.
As per today’s rates, one sovereign (8 grams) of gold is priced at ₹1,14,560, down by ₹4,640, while one gram of gold stands at ₹14,320, a fall of ₹580. Silver is priced at ₹300 per gram, down by ₹20, taking the price per kilogram to ₹3,00,000, a decline of ₹20,000.
Market analysts attribute the fall to profit booking and sharp movements in international bullion markets, cautioning that price volatility is likely to continue in the coming days.
Buyers and investors have been advised to track market trends closely before making purchase decisions.