Gold Prices May Slip Below Rs 80,000: Experts Predict Significant Drop

• Gold prices, after reaching a historic high of Rs 1,34,400 per sovereign on January 29, saw a sudden drop of over 10% on January 30 and have fluctuated since.
• Analysts predict gold prices could fall below Rs 80,000 per sovereign, with Russia's potential return to using the US dollar as a key factor.
• Russia's possible sale of gold reserves to secure dollars and a potential US-Russia trade agreement ending the Russia-Ukraine conflict could sharply reduce global gold prices.
• BRICS nations, which accounted for 50% of global gold purchases in the last six months, may scale back demand if Russia resumes widespread dollar use.
• Bloomberg projects Indian gold prices could stabilize between Rs 70,000 and Rs 80,000 per sovereign by the end of 2027, with a gradual decline expected.