Gold price falls by Rs 2000 in two days

KOCHI: The gold rate for one sovereign fell by Rs 1,280 to Rs 38,560 yesterday. The price fell by Rs 160 per gram to Rs. 4,820. On Wednesday, one sovereign of gold went up to Rs 40,560 and one gram of gold stood at Rs 5,070. In comparison, price for one sovereign gold went down at least Rs 2,000 in two days and Rs 250 per gram.

International gold prices, which touched $ 2,069 an ounce, fell to $ 1,928 an ounce in India. The rupee had bettered its position to 76.32 against the dollar.

Other reasons

• Russia-Ukraine ministerial talks in progress
• Ukraine says it is not advancing NATO membership
• Stock markets are up again on signs that the war will not intensify.
• Those who went for gold as a safe haven returned to stocks.
• Crude oil prices that went up to $ 130 a barrel fell to $ 111.