Gold prices see a sharp drop in the state; over ₹4,000 fall in ten days.

Gold prices see a major drop in the state. Prices continued to fall today as well. After a drop of ₹1,640 per sovereign yesterday, today's price fell by another ₹160, bringing the price of one sovereign to ₹70,040. The price per gram dropped by ₹20, now standing at ₹8,755. Over the past ten days, gold has become cheaper by more than ₹4,000 per sovereign.

The significant decline in gold prices began on April 23, after prices had crossed ₹75,000 and were moving upward. On the 12th of this month, gold prices crossed ₹70,000 for the first time. After rising by over ₹4,000 in the following ten days, prices started to decline again. Over the past six days, prices dropped by ₹2,800. Though there was a brief rise of ₹320 in a single day, prices started falling again from yesterday.

Spot gold prices fell by 1.8%, reaching $3,228.70 per ounce. US gold futures also declined, dropping by 2.5% to trade at $3,236.10 per ounce.

Recently, US President Donald Trump stated that trade talks with countries like India, South Korea, and Japan are in the final stages. This announcement is seen as one of the reasons for the decline in gold prices. As these trade agreements are expected to bring economic stability, investors have begun pulling out from gold, leading to a price drop.