Significant Drop in Gold Prices: What You Need to Know

On April 2, a dramatic decline was observed in the prices of gold and silver. By 10:15 AM, the futures contract for gold scheduled for June saw a drop of nearly ₹4,000. Currently, the price for 10 grams of gold stands at ₹1,50,005. This marks another instance where gold prices have dipped below the ₹1.50 lakh threshold. As of 11:03 AM, the MCX reported the price of 10 grams of gold at ₹1,50,300, reflecting a decrease of ₹3,408 per 10 grams. The lowest recorded price for gold has been ₹1,50,005 per 10 grams, while the highest reached ₹1,52,490.

Gold Prices in Various Cities: How Much Has Gold Dropped? In Patna, the price is ₹1,49,530; in Jaipur, it’s ₹1,49,590; Kanpur and Lucknow both report ₹1,49,650; Bhopal and Indore are at ₹1,48,600; Chandigarh is at ₹1,48,440; and Raipur has the lowest price at ₹1,48,380 for 10 grams. Where is gold the cheapest today? According to the table above, Raipur offers the lowest price for gold today. Where is gold the most expensive? Kanpur and Lucknow have the highest prices at ₹1,49,650 for 10 grams.

Reasons Behind the Price Drop: The stock market is experiencing significant selling pressure today, with major indices trading in the red. This has contributed to the decline in gold and silver prices. Typically, a drop in the stock market leads to a surge in the commodity market; however, due to ongoing conflicts in the Middle East, both markets are witnessing simultaneous fluctuations.

Investors are withdrawing their investments from gold and silver in a state of panic. Will gold prices fall below ₹1 lakh? We have previously discussed gold price targets with Ajay Kedia, Director of Kedia Advisory. According to him, gold prices are unlikely to drop below ₹1 lakh. Even if there is a significant decline, the price is expected to remain above ₹1 lakh per 10 grams.