KOZHIKODE: The gold price in the state, which soared on Wednesday morning, has tumbled by noon. The price of a sovereign has reached Rs 39,840 with a drop of Rs 720. In the morning, the price of a sovereign was Rs 40,560, following an increase of Rs 1,040. With this, the price of one gram gold has fallen to Rs 4,980. After a rise of Rs 130, the price of gold per gram was Rs 5,070 in the morning.

On Wednesday morning, the gold price rose to record heights after the rise in global markets following the Russia-Ukraine conflict. According to experts, the depreciation of rupee is another reason behind the price hike. On August 7, 2020, the price rose to Rs 42,000, the highest ever recorded in the state. The price of gold futures in MCX, country’s commodity market, is Rs 55,190 after a rise of 1.4 percent per 10 grams. The global spot gold price has reached 2053.13 with an increase of 54 dollars per troy ounce. Apart from gold, the price of silver has also increased.