📉 Gold Market Update: Major Correction After All-Time Highs! 📈
The gold market is witnessing a significant shift! After hitting a breathtaking record high of ₹1,78,850 per 10 grams in late January 2026, gold prices in India have seen a sharp correction, dropping more than 12% in just 10 days. 📉✨
As of February 8th, prices have stabilized momentarily, with the market bracing for a volatile week ahead. Investors are closely watching the ₹1.6 lakh threshold to see if the precious metal can regain its momentum. 🧐🔍
💰 Current Price Snapshot (Per 10 Grams):
24K Gold: ₹1,56,600 🥇
22K Gold: ₹1,43,550 🥈
18K Gold: ₹1,17,450 🥉
Silver (1 KG): ₹2,85,000 🥈💎
🌍 City-Wise Highlights:
While prices remained steady on Sunday, Chennai continues to see a slight premium compared to Mumbai, Bangalore, and Hyderabad. Interestingly, Chennai saw the biggest "crash" from its peak, falling nearly 14-15% since January 30th! 🏙️💸
🚀 What’s Next? (Outlook Feb 9-13):
Volatility Ahead: Analysts predict MCX gold futures will trade between ₹1.39 lakh and ₹1.62 lakh this week. 📊
Global Triggers: Keep an eye on US economic data and the upcoming Iran-US talks in Oman, which are set to influence global sentiments. 🇮🇷🇺🇸
Fed Factors: With Kevin Warsh nominated as the next Fed Chair, a "hawkish" stance could keep the dollar strong, putting further pressure on precious metals. 🏦💵
Whether you're looking to buy the dip or waiting for further correction, this week is set to be a rollercoaster! 🎢💎
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