Gold price drops 8% in under 60 minutes, wipes out ₹276,07,965 crore

The spot prices of gold in the international market fell over 8% in under 60 minutes on Thursday, reportedly wiping out over $3 trillion (₹276,07,965 crore) from the precious metal's combined market value. Gold's value dipped from $5,522.66/ounce (₹5.08 lakh) at 8:14pm (IST) to $5,108.09/ounce (₹4.69 lakh) an hour later. Gold was trading at $5,195.07 (₹4.77 lakh) at 9:20 pm.