Gold prices crash, then bounce back: What's happening?
Gold prices took a tumble on MCX Friday morning, dropping over 3%, but quickly rebounded to the ₹1.78-₹1.82 lakh range per 10gm.
Even with some profit-taking and a dip in global prices, gold is still on track for its biggest monthly jump since the 1980s—up about 14% this January.
Gold's global journey
If you're keeping an eye on investments or just curious about market buzz, gold's wild ride signals how uncertain times can push people toward safe assets.
The sharp rise at home was also boosted by changes in the rupee-dollar rate, making Indian gold prices climb even as global rates cooled off.
Analysts' views on gold
Analysts see technical signs of weakness ahead—think lower highs and lows, and not much bullish momentum.
LKP Securities points out a potential sell zone between ₹1,65,000-₹1,66,000 per 10gm and support levels near ₹1.60 lakh if things slide further.