Drop in price of gold, falls by Rs 5640 in two days, know today’s rate

THIRUVANANTHAPURAM: Amidst predictions that the price of gold will touch Rs one lakh, jewelry lovers are relieved that the price of gold has dropped again. There was a decrease of Rs 600 for a sovereign. With this, the price of a sovereign of gold today is Rs 91,720. The price per gram is Rs 11,465 after a decrease of Rs 75. This is the first time since October 11 that the price of gold has fallen this much. With this, the price of gold has decreased by Rs 5,640 in two days.

The cost of buying jewelry of a sovereign of gold with the lowest processing fee has fallen below Rs one lakh. If you spend around Rs 99,249, you can buy jewelry of a sovereign with five percent processing fee. The price fell twice in a single day yesterday. The price of a sovereign fell by Rs 3,440 to Rs 92,320 yesterday.

One reason for the decline in prices is that the global political and economic uncertainties are pulling people back from investing in gold. Experts in the field say that investors are creating selling pressure to take profits. Meantime, they say that this price drop is temporary and the price is likely to rise again.

In the new situation, instead of buying jewelry and coins, consumers are buying digital gold. Investments are mainly flowing into exchange-traded funds and gold funds of funds. The main attraction is that investors can buy gold without worrying about purity, safety, and labor costs.