Gold price drops sharply; lowest rate recorded this month

THIRUVANANTHAPURAM: Gold prices have once again dropped sharply in the state, offering relief to buyers. Today, the price of gold fell by Rs 2,280 per sovereign to reach Rs 1,20,640. The price per gram reduced by Rs 285 to reach Rs 15,080. This is the lowest gold price recorded so far this month. Gold prices had shown a decline in the global market yesterday as well. In the morning, the price per sovereign dropped by Rs 360 to Rs 1,24,680. By the afternoon, it fell again by Rs 1,760, bringing the price down to Rs 1,22,920. The highest gold price recorded this month was on March 1. On that day, gold was priced at Rs 1,26,920 per sovereign and Rs 15,865 per gram.

However, financial experts caution that people should not expect a major or long-term decline based on this sudden drop in gold prices. Usually, gold prices rise during war-like situations. But profit booking in the international market and changes in the value of the US dollar have caused prices to fall. Another major concern for the market is the rise in crude oil prices. Oil prices are increasing rapidly. At the same time, the strengthening of the dollar and the weakening of the Indian rupee are adding to the pressure.

Meanwhile, silver prices have also seen a sharp drop. Today, silver is priced at Rs 295 per gram and Rs 2,95,000 per kilogram. Yesterday, the price of 1 gram of silver stood at Rs 315. Silver prices in Kerala are fixed according to the international market. Fluctuations in the value of the rupee against the dollar also affect silver prices.