Hope for jewelry lovers; gold prices drop by Rs 1000 today

THIRUVANANTHAPURAM: The price of gold has dropped in the state. The price of a sovereign is Rs 74,040 after a fall of Rs 1000 today. The price of a gram is Rs 9255 after a drop of Rs 125. The price of a sovereign was Rs 75,040 yesterday after an increase of Rs 760 and Rs 9380 per gram after a rise of Rs 95. The price of gold increased by Rs 1,680 in the last three days. This had disappointed gold buyers. The drop in the gold price has brought hope to jewelry lovers.

There has been a noticeable decline in the price of gold since the beginning of July. The lowest gold rate of this month was recorded on July 9. The price of a sovereign of gold was Rs 72,000 then. There was a big leap in the price of gold since July 18. India is the world's largest gold consumer. Tons of gold are imported into the country every year. Therefore, even small movements in the global market are basically reflected in the gold price in India.

Meantime, the price of silver in the state has also decreased today. The price per gram is Rs 128 per gram and Rs 1,28,000 per kilogram. It was Rs 129 per gram and Rs 1,29,000 per kilogram the other day. There is good buying interest in silver from the industrial sector. The price of silver in the international market is $ 39 per ounce. The price of silver in Kerala is determined according to the international market. The fluctuations in the value of the rupee compared to the dollar will also affect the price of silver.