Gold Price Closer To Rs 1 Lakh Per Sovereign; Hits 97,360 Today

The price of gold hit an all-time high on Friday, October 17, nearing one lakh per sovereign, with the rate hitting Rs 97,360. The gold price contiues its upward trajectory for the past few weeks, crossing the previous highs each day.

The price of gold was Rs 94,360 per Sovereign on October 14, reaching the highest then.

Read Also: Gold Price Hits All-Time High At Rs 94,360 Per Sovereign, Expected To Rise Further

Analysts have predicted that the gold price would further surge in the coming days. However, there are also reports and predictions that the gold price would come down soon.

A US-based Morningstar analyst, John Mill, recently forecasted a sharp decline – a 38% drop – in gold prices in the next few years.

Read Also: Gold Price Crosses Rs 1 Lakh Per 10 Gram; What’s Behind This Skyrocketing?

In India, it is inferred that a potential decline of nearly 40% would bring down the price to around Rs 55,000 per 10 grams.