Bhubaneswar: Gold prices continued to fall sharply in the domestic market for the second consecutive day on Thursday, bringing considerable relief to buyers.
According to information received from the market, the price of 24-carat gold dropped by Rs 2,130 per 10 grams on Thursday, taking the rate down to Rs 1,45,640 per 10 grams. This follows a significant decline in gold price recorded on Wednesday. As a result, the cumulative fall in gold prices touched nearly Rs 6,000 over the past two days.
This apart, the price of 22-carat gold also witnessed a substantial correction. The yellow metal declined by Rs 1,950 per 10 grams on Thursday, bringing down the price to Rs 1,33,500 per 10 grams.
Market observers said the sharp fall in rate was primarily due to fluctuations in international gold prices and changes in investor sentiment. The sharp correction comes after gold had touched record highs in recent weeks amid global economic uncertainties and geopolitical tensions.
Jewellers believe the price drop may trigger fresh demand, especially from consumers preparing for upcoming festive and wedding seasons.
Despite the recent correction, gold prices remain significantly higher compared to levels seen earlier this year. Analysts said market participants will closely monitor global economic indicators and international bullion trends for further direction in gold prices.