Gold Prices Take a U-Turn: Morning Surge Followed by Evening Drop
Gold prices have been witnessing unprecedented volatility this month. On October 17, gold hit a historic high, selling at Rs. 12,200 per gram and Rs. 97,600 per sovereign. Following the record rise, the price experienced a steep decline, dropping to Rs. 11,500 per gram and Rs. 92,000 per sovereign yesterday.
After several days of decline, gold prices once again increased this morning by Rs. 40 per gram, trading at Rs. 11,540 per gram and Rs. 92,320 per sovereign.
However, by evening, gold prices fell sharply again - down Rs. 140 per gram and Rs. 1,120 per sovereign - bringing the rate to:
- Rs. 11,400 per gram
- Rs. 92,200 per sovereign
Meanwhile, silver too has shown similar instability. Recently, silver shocked the market by exceeding Rs. 2 lakh per kg. But the price quickly dropped to Rs. 174 per gram and Rs. 1,74,000 per kg yesterday.
This morning, silver further fell by Rs. 3 per gram and Rs. 3,000 per kg, trading at:
- Rs. 171 per gram
- Rs. 1,71,000 per kg
By evening, the price declined again by Rs. 1 per gram, now selling at:
- Rs. 170 per gram
- Rs. 1,70,000 per kg
Jewelers attribute the frequent fluctuations to global economic uncertainty, currency market variations, and increased investment speculation. Consumers are closely watching the price trends ahead of the festive and wedding season.
