Gold Drops ₹4,640 Per Sovereign; Silver Falls ₹20,000 Per Kg
Gold prices fell sharply by ₹4,640 per sovereign to ₹1,14,560, while silver dropped by ₹20,000 per kg to ₹3,00,000, amid continued volatility in precious metal markets.
Prasanth Subramani
Gold and silver prices recorded a sharp decline today (Thursday), bringing some relief to jewellery buyers and investors. Gold prices fell by ₹4,640 per sovereign, while silver prices dropped significantly by ₹20,000 per kilogram.
In recent weeks, gold had been witnessing a strong rally, with prices crossing ₹1 lakh per sovereign. However, the market has remained highly volatile, with daily fluctuations running into thousands of rupees.
On January 29, gold saw a steep single-day surge of ₹9,520 per sovereign. After a brief correction, prices had risen again over the last two days before falling sharply today.
Following today’s drop, gold is now priced at ₹1,14,560 per sovereign, down by ₹4,640. On a per-gram basis, gold declined by ₹580 and is currently selling at ₹14,320 per gram.
Silver Prices Also Decline
Silver prices also moved lower in today’s trading. The price of silver fell by ₹20 per gram to ₹300 per gram, while the price per kilogram dropped by ₹20,000 to ₹3,00,000 per kg.
The sudden decline in precious metal prices has caught the attention of market participants, with many closely watching further price movements.
