THIRUVANANTHAPURAM: In a major turnaround, the gold prices in the state showed a sharp fall on Thursday. On Thursday, one sovereign of gold recorded a steep fall of Rs 880. As of Thursday, one sovereign of gold costs Rs 55,480. The price of 22-carat gold is Rs 6,935 per gram and Rs 7,565 per gram. On Tuesday, the price of one sovereign of gold was Rs 56,360.
The decrease in gold prices in the state started on November 14. The highest gold price of this month was recorded on November 1 with one sovereign of gold costing Rs 59,080. Global demand for gold, currency fluctuations, interest rates and government policies are the main factors affecting gold prices.
Also, the overall state of the economy and the level of the US dollar against other currencies determine the price of gold in the Indian market. The price of one gram of silver is Rs 99 and the price of one kilogram of silver is Rs 99,000. Last day, the price of one gram of silver was Rs 101 and the price of one kilogram of silver was Rs 1,01,000.
The price of silver in India is determined by the ups and downs in the rupee against the dollar.