Significant drop in gold prices on April 13, expectations for coming days

KOCHI: After days, gold prices have dropped significantly on Saturday. A drop of Rs 560 rupees per sovereign was recorded for 22 carat gold today. Now, the price of gold per sovereign is Rs. 53,200. The price has gone down by Rs 70 per gram to Rs 6,650.

The price of gold rose sharply by Rs 800 per sovereign on Friday with trading done at Rs 53,760. This was an all-time record for gold prices.

For one sovereign of 24 carat gold, the price has dropped by Rs 608 today to Rs 58,040. Even though there is a drop today, there are reports that the price will rise sharply again in the coming days.

Gold price may cross Rs 56,000

Traders say war fears of war in west Asia, inflation in the US and problems in the Chinese economy will push gold prices to new highs in the coming days. If the current situation continues, financial experts predict that the price of gold in the international market will reach $3,000 per ounce in April. With this, the price of gold may cross Rs 56,000 per sovereign in Kerala.

As concerns about the global economic recession have intensified, various central banks have been buying gold in large quantities. According to the figures of the World Gold Council, China bought an additional 224.88 tons of gold in the last financial year. Poland bought 103 tonnes and Singapore 76.28 tonnes of gold. From October to December, Turkey bought 61.25 tonnes of gold.