Gold prices rebound sharply after falling below Rs 1 lakh

KOCHI: Gold prices, which had slipped below Rs 1 lakh per sovereign, rebounded sharply within hours, driven by signs of possible peace talks in West Asia.

On Monday, gold prices declined twice, dropping by Rs 7,560 to Rs 99,480 per sovereign. However, the trend reversed in the evening after US President Donald Trump indicated progress in peace talks with Iran. Prices then rose by Rs 5,600 in two phases, reaching Rs 1,05,080 per sovereign. The price per gram, which had fallen to Rs 12,435, later climbed to Rs 12,635.

In the international market, gold prices fell to $4,130 per ounce (31.1 grams) before recovering to $4,400. This rebound was reflected in the Kerala market as well.

Crude oil prices fall
Meanwhile, crude oil prices dropped in the international market following indications that Iran and the US are moving towards peace. Brent crude prices fell by 13%, dropping from $112 per barrel to $100.