Gold price rises in Kerala; heavy rush by jewellery buyers

THIRUVANANTHAPURAM: Gold prices have increased in the state. The price per gram has risen by Rs 235 compared to this morning’s rate. With this increase, the price of 22-carat gold per gram has reached Rs 13,100. The price of one sovereign of 22-carat gold has increased by Rs 1,880 within a few hours, taking the total to Rs 1,04,800.

The sudden fluctuations are attributed to instability in the international market. Yesterday alone, gold prices changed four times. In the morning, the price of one sovereign of 22-carat gold was Rs 1,02,680. By noon, it dropped to Rs 99,480. Later in the evening, the price rose again to Rs 1,01,080, and by night it increased further to Rs 1,05,080.

This morning, prices declined again. Compared to yesterday’s figures, only a slight decrease has been recorded today. Notably, yesterday was the first time since January 4 that gold prices fell below Rs 1 lakh per sovereign.

The sharp fall in gold prices last week had boosted the state’s jewellery market. The escalation of conflict in West Asia and indications that interest rates in the United States would not be reduced led to the decline in gold prices. In the international market, gold prices dropped by 12 percent last week, reaching $4,490 per ounce. On Friday alone, prices fell by three percent. This marked the largest weekly decline in gold prices in the past 43 years.

Since the United States and Israel jointly launched attacks against Iran, gold has been facing continuous setbacks each week. Jewellery owners say that the price drop caused by war-related concerns has created a significant opportunity for investors. They also added that jewellery stores witnessed heavy rush from customers last week.