Gold Prices Plummet: Will Sovereign Gold Hit 80,000 Rupees?

• Gold prices, after reaching a historic high on January 29, saw a sudden drop of over 10% on January 30, with significant fluctuations continuing.
• Forecasts suggest sovereign gold prices could fall below 80,000 rupees, with Russia's potential return to full-scale US dollar use being a key factor.
• Experts believe a US-Russia trade agreement and the end of the Russia-Ukraine conflict could drive prices down further.
• BRICS countries, responsible for nearly 50% of global gold purchases in the last six months, reducing demand could soften prices.
• Bloomberg forecasts Indian sovereign gold prices could stabilize between 70,000 and 80,000 rupees by the end of 2027, with a gradual decline.