Gold prices witness steep decline on Monday; happy news for people waiting to buy jewellery

THIRUVANANTHAPURAM: Gold prices in the state have seen a sharp drop today. The price of a sovereign of gold fell by Rs 560 to Rs 75,000. The price per gram fell by Rs 70 to Rs 9,375. For the past two days, there had been no change in gold rates. Yesterday, the price was Rs 75,560 per sovereign and Rs 9,445 per gram. Since the beginning of this month, gold prices have been fluctuating significantly.

The highest gold price this month was recorded on August 8- Rs 75,760 per sovereign and Rs 9,470 per gram. The lowest was on August 1- Rs 73,200 per sovereign and Rs 9,150 per gram.

Market observers link the frequent price changes in India to tariff policies introduced by U.S. President Donald Trump. At present, a sovereign of gold with the lowest making charge costs around Rs 81,500. Changes in gold prices during Onam and the wedding season are worrying both consumers and traders, said Adv. S. Abdul Nasser, General Secretary of the All Kerala Gold and Silver Merchants Association.

Meanwhile, silver prices in the state remain unchanged today- Rs 127 per gram and Rs 1,27,000 per kilogram. In Kerala, silver rates are determined by the international market. Changes in the value of the Indian rupee against the U.S. dollar also affect silver prices.