Gold Prices Fall 17% From Record Peak as Festive Season Boosts Sales

Gold prices have fallen nearly 17% from their record peak earlier this year, with 24-karat gold trading around Rs. 1.5 lakh per 10 grams on Wednesday.

This decline has led to a surge in footfalls and purchases at jewellery showrooms across the country, according to Rajesh Rokde, chairman of All India Gems and Jewellery Domestic Council (GJC).

Rokde said that since Rakshabandhan, the market has opened up, with gold prices coming down steadily and settling between Rs. 1.45 lakh-1.5 lakh.

'Now even retail consumers have got the confidence that this is the right time to buy as from here we expect it to climb higher,' Rokde added.