Gold Crashes ₹535 in Massive Single-Day Fall – Biggest Drop on Record!
Precious metals witness dramatic reversal as investors rush to book profits after gold touched ₹14,000 mark; silver plunges ₹18 in sharp correction.
December 30, 2024 – In a stunning market reversal, gold and silver prices have crashed dramatically on Monday, recording their steepest single-day decline in recent memory. The massive sell-off comes immediately after prices hit peak levels, triggering panic selling and heavy profit-booking across markets.
India witnessed an unprecedented collapse in gold prices today. 24-karat gold plummeted by a staggering ₹535 per gram – the biggest single-day crash on record – now trading at ₹13,485. This marks a brutal reversal from yesterday’s peak levels near the ₹14,000 psychological barrier.
The carnage spread across all gold categories. 22-karat gold tumbled ₹491 to ₹12,361 per gram, while 18-karat gold crashed ₹401, settling at ₹10,114 per gram.
The United Arab Emirates experienced similar devastation, with 24-karat gold falling sharply by AED 16 to AED 516 per gram – marking the second-largest drop in the region’s recent trading history. 22-karat gold dropped AED 14.67 to AED 473, while 18-karat gold declined AED 12 to AED 387 per gram.
Silver prices couldn’t escape the bloodbath either. Indian silver crashed ₹18 in a single session, erasing recent gains and falling back to ₹240 per gram – levels last seen on December 26. UAE silver dropped AED 0.6 to AED 8.8 per gram, reflecting similar selling pressure.
Despite the massive crash, significant price differences remain between Indian and UAE markets. Based on today’s exchange rate (AED 1 = ₹24.49), gold in India is still trading 6.5% higher than UAE prices, with a gap of ₹822 per gram. Silver shows an even wider gap of 11.1%, with Indian prices exceeding UAE rates by ₹24 per gram.
Market analysts point to severe profit-taking as the primary cause. After gold touched the crucial ₹14,000 milestone, investors rushed to lock in profits, triggering a domino effect of sell orders. The sudden reversal caught many traders off-guard, leading to panic selling and cascading price drops.
The dramatic fall serves as a stark reminder of the extreme volatility in precious metal markets, especially after rapid price rallies. Traders and investors are now closely watching whether prices will stabilize at current levels or continue their downward slide in coming sessions.
