Major plunge in gold price; Drop of Rs 1400 today alone, can buy jewelry soon?

THIRUVANANTHAPURAM: A major drop was recorded in the price of gold in the state today. A sovereign of gold fell by Rs 1400 taking to Rs 88,360. The price per gram reduced by Rs 175 taking to Rs 11,045. This is the biggest change seen in the last ten days. The price of gold had increased yesterday. The price of a sovereign was Rs 89,760 after an increase of Rs 600. Today's change gives great hope in the gold market.

The highest gold rates were recorded on October 17 and 21. The price of a sovereign was Rs 97,360 and Rs 12,170 per gram. This was the highest rate recorded so far this year. India is the world's largest gold consumer. Tons of gold are imported into the country every year. Therefore, even small movements in the global market will be reflected in the gold prices in India.

Gold prices in the international market were hit by news that the United States and China will reach a trade agreement. It is expected that a trade agreement will be signed during talks between US President Donald Trump and Chinese President Xi Jinping. Global funds and central banks, which have been buying gold as a safe haven, have intensified their gold sales. The strengthening of the dollar against major currencies in the world has also reduced investment interest in gold. In the international market, the price of gold fell to $ 3,887 per ounce.