Gold price drops Rs. 4,640 per Sovereign

Gold prices witnessed a sharp decline in the city on Wednesday morning, with the price of 22-carat gold jewellery falling by Rs. 4,640 per sovereign. Silver prices also registered a steep fall, dropping by Rs. 20,000 per kg.
India, being one of the world’s largest importers of gold, sees domestic prices fluctuate based on international economic and political developments, movements in the rupee against the US dollar and changes in global investment patterns in precious metals.
In recent days, gold prices have shown sharp volatility. Market experts attributed the frequent ups and downs to uncertainty surrounding global trade relations and shifting investor sentiment.
On Wednesday, the price of 22-carat gold in Chennai fell by Rs. 580 per gram and was sold at Rs. 14,320 per gram. With this, one sovereign of gold was priced at Rs. 1,14,560, marking a significant single-day drop of Rs. 4,640.
The price of 24-carat pure gold also declined sharply, falling by Rs. 5,072 per sovereign to Rs. 1,24,976. Similarly, 18-carat gold was sold at Rs. 98,000 per sovereign, down by Rs. 4,000.
Silver prices mirrored the downward trend in gold. The price of silver fell by Rs. 20 per gram to Rs. 300, while bulk silver declined by Rs. 20,000 per kg to Rs. 3,00,000 in the market.
Traders pointed out that silver prices had touched a high of Rs. 4,25,000 per kg on January 29, making the current drop particularly notable.
Meanwhile, platinum prices also softened. Platinum was quoted at Rs. 5,961 per gram after a decline of Rs. 653.
Jewellers said the fall in prices may attract buyers who had postponed purchases due to recent highs, while investors continue to closely track global cues before making fresh commitments.