Unexpected change may not happen anytime soon; gold rate soars by Rs 1760 today, concern on price

THIRUVANANTHAPURAM: The gold prices in the state have left gold lovers concerned. There is a big increase in the price of gold today. The price of a sovereign rose by Rs 1,760 taking to Rs 71,440. The price of one gram of 22-carat gold is Rs 8,930 and the price of a gram of 18-carat gold is Rs 7,360. In the past few days, consumers expected the price of gold would fall below Rs 70,000. This expectation was shattered today. A sovereign of gold fell by Rs 360 taking to Rs 69,680.

There was a huge drop in the price of gold in the state on May 15. The price touched Rs 68,880 then. Presently, gold associations operating locally set the price of gold in the domestic market. The associations can increase or decrease the price of gold according to the need. In some cases, associations update the price of gold twice a day.

The price of silver in the state has also increased today. Today, the price of one gram of silver is Rs 111 and the price of one kilogram of silver is Rs 111,000. The price of a gram of silver was Rs 108 yesterday.