Gold prices dropped after concerns; Reduced by more than Rs 4,000 in two days

THIRUVANANTHAPURAM: The price of gold has reduced after concerns. The price of a sovereign of gold has reduced by Rs 2,480 in one go. With this, the price of a sovereign of 22-carat is Rs 93,280. This is the first time in recent times that such a high amount has fallen in a single day. The price of a gram is Rs 11,660 after a drop of Rs 310.

The price of 18 carat gold is Rs 9,640 after a decrease of Rs 260. Silver prices also fell in some places today. It has fallen by Rs 5 per gram. With this, it has fallen to Rs 180.

The price of 22-carat gold had increased by Rs 1,520 yesterday morning. But by noon, it had fallen by Rs 1,600 to Rs 95,760. That is, it has fallen by more than Rs 4,000 between yesterday and today.

The easing of trade tensions and the strengthening of the dollar against major currencies of the world have been negative for gold. News that China and the United States may sign a trade agreement prompted investors to withdraw from gold.

In the new situation, consumers are buying digital gold instead of buying it in the form of jewelry and coins. 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.