India's Gold Rush Gets A Reality Check As Prices Fall 20% From Record High

Gold Price Today: India's love affair with gold reached a new high over the past year. Investors poured a record amount of money into gold ETFs as the precious metal delivered spectacular returns.Then came the correction.Spot gold is now trading near $4,400 an ounce. While that is still more than 21 per cent higher than a year ago, it is about 21 per cent below its record high of $5,595 touched in late January.For Indian investors, the fall has been particularly important because many entered the market after the rally had already gathered pace.On the Multi Commodity Exchange (MCX), gold had climbed to a record Rs 1,69,349 per 10 grams on March 2. By early July, it had fallen to around Rs 1,34,500. It has since recovered to nearly Rs 1.52 lakh per 10 grams.This recovery may offer some comfort to investors.