Relief for buyers; gold prices drop to lowest in a month

THIRUVANANTHAPURAM: Gold prices have dropped to the lowest rate of the month, bringing some relief to those planning to purchase the precious metal. The price of gold fell by Rs 60 per gram and Rs 480 per sovereign. With this drop, the price of 22-carat gold now stands at Rs 9,000 per gram, and the market rate for one sovereign is Rs 72,000. Silver is priced at Rs 120 per gram today.

Gold prices in July (per sovereign):
July 1 – Rs 72,160
July 2 – Rs 72,840
July 3 – Rs 72,840
July 4 – Rs 72,400
July 5 – Rs 72,480
July 6 – Rs 72,480
July 7 – Rs 72,080
July 8 – Rs 72,480

The current price is a drop from the record high of Rs 74,560 seen on June 14. This decline comes after gold prices more than doubled over the past 28 months. Financial experts suggest that prices may continue to drop in the coming days.

Reports suggest that easing tensions in the Middle East and the possibility of interest rate cuts in the U.S. are key factors behind the global decline in gold prices.