THIRUVANANTHAPURAM: A sharp fall was witnessed in the price of gold today which was skyrocketing. The price of gold fell by Rs 1,280 in one go. This is the first time that the price has fallen so much. The price of one gram is Rs 8400 after reducing by Rs 160. The price of a sovereign has fallen by Rs 1,280 taking to Rs 67,200. 24-carat gold is priced at Rs 9,164 per gram and that of a sovereign is Rs 73,312. 18-carat is priced at Rs 6,873 per gram and that of a sovereign is Rs 54,984.

The reason for today's price drop is the fall in international prices. When trading was in full swing yesterday, the international price had fallen to $3,050. Today, the spot gold price is trading at $3,099.72 per ounce today. It fell from a price that was above $3,100. If the international price does not rise today, the price of gold in India may also fall tomorrow.

Along with today's price, making charges, 3% GST and hallmark charge (Rs 53.10), it costs about Rs 73,685 to buy jewelry of one sovereign. One gram of jewelry costs about Rs 9,210. However, some jewelry with high making charges may cost even more.

Gold price in April
April 1 – Increase of Rs 680 for one sovereign. Market price is Rs 68,080
April 2 – No change in gold price. Market price is Rs 68,080
April 3 – Rise of Rs 400 for a sovereign. Market price is Rs 68,480
April 4 – Drop of Rs 1,280 per sovereign. Market price is Rs 67,200