Gold rate today, Oct. 6 -- Gold prices have correction of more than 26% from its January peak of $5,595/oz to around $4,100 has been one of its sharpest drawdowns in recent years, but the decline has unfolded in distinct stages rather than as a single, uninterrupted move.

Market analysts believe that this downturn has made valuations relatively more attractive, with prices now around $4,136/oz and MCX gold trading below the Rs.1.50 lakh mark.

According to Kaynat Chainwala, AVP - Commodity Research, Kotak Securities, the metal surrendered a significant portion of its January gains over the following months before staging a recovery toward $4,700 by late August.

"The subsequent decline provides a clearer read on the changing macro driver...