Huge drop in gold prices, no better opportunity to buy jewelry

THIRUVANANTHAPURAM: The price of gold has dropped in the state. The price of a sovereign is Rs 70,200 after a fall of Rs 1640. One gram of 22-carat gold is priced at Rs 8,775 and one gram of 24-carat gold is priced at Rs 9,573. The price of a sovereign of gold yesterday was Rs 71,840 and Rs 8,975 per gram. The decline in gold prices in the beginning of May gives good hope to those waiting to buy jewelry.

Even though the price of gold was high yesterday, on the day of Akshaya Tritiya, there was 34 percent more trading than last year. The international price of gold had fallen from $3,325 to $3,304 per ounce the previous day. Most jewelry stores in the state were opened by 8 am yesterday. Jewelry starting at 100 milligrams was available in gold shops. Leading traders said that indications from the gold trade sector are that gold trade worth over Rs 1,500 crore was done.

The price of gold crossed Rs 70,000 for the first time on April 12th. India is the world's largest consumer of gold. Tons of gold are imported into the country every year. Therefore, even small movements in the global market are basically reflected in the price of gold in India. Silver has also recorded a decrease today. It is Rs 108.90 per gram and Rs 1,08,900 per kilogram. The price of silver in India 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.