Gold Sovereign price falls below Rs 1.09 Lakh

Gold prices witnessed a sharp decline on Friday, with the rate of one sovereign falling below Rs 1.09 lakh in Chennai amid a continuing downward trend in the bullion market.
After a brief rise on the previous day, gold prices dropped significantly today. The price of jewellery gold fell by Rs 2,640 per sovereign, bringing it down to Rs 1,08,960. Per gram, gold decreased by Rs 330 and is now being sold at Rs 13,620.
Market analysts attribute the recent volatility to global uncertainties, including ongoing geopolitical tensions involving Israel, the United States and Iran, which have influenced investor sentiment.
Silver prices also recorded a notable decline. The metal fell by Rs 10 per gram and Rs 10,000 per kilogram. It is currently priced at Rs 250 per gram and Rs 2.50 lakh per kilogram.
In the past 10 days alone, silver prices have dropped by Rs 50 per gram and Rs 50,000 per kilogram, reflecting a broader correction in precious metal markets.
Despite intermittent gains, gold, which had been scaling new highs in recent weeks, is now showing a consistent downward trend.