Happy news for those waiting to buy gold: Prices drop significantly, further decline expected

THIRUVANANTHAPURAM: There has been a significant drop in gold prices in the state today. The price of one sovereign of gold has fallen by Rs 1,320, bringing it down to Rs 71,040. The price per gram decreased by Rs 165 to Rs 8,880. For the past two days, gold prices had remained steady. Yesterday, the price of one sovereign was Rs 72,360. The highest gold price this month was recorded on May 8, when a sovereign cost Rs 73,040 and a gram cost Rs 9,130. The current drop comes as a relief to those who were waiting to buy gold.

In the coming days, there is a possibility of a rise in the stock market and a further drop in gold prices. One of the reasons for today's price drop is the strengthening of the US dollar. The Indian rupee has also appreciated. There are indications that the price of gold is falling in the international market. Gold prices may fall further if the discussions between the US and China yield results. A drop in silver prices has also been recorded in Kerala. The price of silver has decreased by Rs 2 per gram. Today, the price of silver is Rs 109 per gram and Rs 109,000 per kilogram. Yesterday, it was Rs 111 per gram.

Despite the decline in base rates, consumers may still need to spend up to Rs 77,000 for a sovereign of gold, depending on making charges and GST. Intricately designed ornaments typically carry higher additional costs.