Gold price sees unprecedented decline giving hope to jewellery lovers; sovereign price drops by Rs 1440

THIRUVANANTHAPURAM: Gold prices in Kerala fell sharply today. The price of sovereign fell by Rs 1,440 to Rs 91,720 and Rs 180 to Rs 11,465 per gram. Sovereign prices had fallen yesterday as well. The decline in gold prices today gives hope to those waiting to buy jewellery. The highest rate recorded so far this month was on November 13. On that day, sovereign rates were Rs 94,320 and Rs 11,790 per gram. That was the highest gold rate in history. The lowest gold rate recorded so far this month was on November 5 with Rs 89,080 per sovereign and Rs 11,135 per gram.

The easing of global political and economic uncertainties is one of the reasons cited for the decline in prices. Experts in the field say that investors are creating selling pressure to take profits. At the same time, some say that this price drop is temporary and the price is likely to rise again.

Consumers are increasingly shifting from physical gold purchases (jewellery, coins) to digital alternatives like gold ETFs and gold funds of funds due to their convenience, transparency, and liquidity. This trend is driven by younger, tech-savvy investors and the desire to avoid the costs and security concerns associated with physical gold. The main attraction is that investors can buy gold without worrying about purity, safety, and processing fees.

Silver prices in the state have also decreased today. They are Rs 175 per gram and Rs 1,75,000 per kilogram. It was Rs 183 per gram and Rs 1,83,000 per kilogram yesterday. 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.