THIRUVANANTHAPURAM: Happy news for gold lovers in the state. A huge drop was witnessed in the price of gold today. There was a drop of Rs 1,560 per sovereign taking the price to Rs 68,880. The price of one gram of gold dropped by Rs 195 taking to Rs 8,610. This is the first time this month that the price of a sovereign of gold has fallen below Rs 70,000. The highest gold rate this month was recorded on May 8. The price of the yellow metal was then Rs 73,040. The state's gold prices have been falling sharply since May 12. This has come as a relief to those waiting to buy jewelry.

The price of gold in the international market fell sharply after the United States and China decided to freeze the increase in import duties for 90 days. Investors withdrew their money invested in gold as a safe investment, which exacerbated the price decline. The price of gold fell by $ 110 per ounce to $ 3,220. China has reduced tariffs on American products from 125 percent to 10 percent for 90 days. The US has reduced tariffs on Chinese products from 145 percent to 30 percent, which has boosted gold prices.

Meanwhile, the price of silver has also decreased today. Today, the price of one gram of silver is Rs 108 and the price of one kilogram of silver is Rs 108,000. The price of one gram of silver was Rs 109 yesterday.