CHENNAI: A day after a Rs 2,400 surge, the price of gold has reduced by Rs 1,280 on November 14. The rate fell by Rs 480 in the morning and further plunged by Rs 800 in the evening session. Now, a sovereign (8 grams) costs Rs 93,920 and a gram Rs 11,740 (down by Rs 100).

The present oscillating trend follows a meteoric rise last month, when gold had surged to Rs 97,600 per sovereign (Rs 12,200 per gram) on October 17—the highest this year—before plunging to Rs 88,600/sovereign (Rs 11,075/gram) on October 28.

Gold has rallied significantly this year as investors turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and global trade tensions.

For perspective: gold was priced at Rs 57,200 per sovereign (Rs 7,150 per gram) on January 1

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