Gold prices, which have been rising sharply over the past few days, touched fresh all-time highs again on Thursday after a brief dip earlier this week, triggering concern among buyers and traders.
Gold had surged at a rapid pace, crossing Rs 1.15 lakh per sovereign on January 21. On that day, gold was sold at Rs 14,415 per gram and Rs 1,15,320 per sovereign. A mild correction was seen the following day, with prices falling by Rs 215 per gram and Rs 1,720 per sovereign, bringing the rate down to Rs 14,200 per gram and Rs 1,13,600 per sovereign.
Gold had crossed the Rs 1.10 lakh mark per sovereign on January 20 and went past Rs 1.15 lakh on January 21. The slight decline on January 22 pulled prices below Rs 1.14 lakh per sovereign.
However, the fall was short-lived. On Thursday, gold prices rebounded sharply and touched a new record. In Chennai, 22-carat gold jewellery was sold at Rs 1,17,200 per sovereign, registering a steep increase of Rs 3,600. The price of gold per gram rose by Rs 450 to Rs 14,650.
Silver prices also witnessed a sharp rise. The price of silver increased by Rs 20 per gram and was sold at Rs 360 per gram, while bar silver was priced at Rs 3.60 lakh per kilogram.
Gold price trends over the last five days show high volatility. On January 22, a sovereign of 22-carat gold was priced at Rs 1,13,600. On January 21, it stood at Rs 1,15,320, while on January 20 it was Rs 1,11,200. Prices were Rs 1,07,600 on January 19 and Rs 1,06,240 on January 18.
Silver prices too have shown a steady rise in recent days. Silver was sold at Rs 345 per gram on January 21, Rs 340 per gram on January 20, around Rs 318 per gram on January 19, and Rs 310 per gram on January 18.
Traders said global market trends and strong investor demand were driving the sharp fluctuations in precious metal prices, with further volatility expected in the coming days.
