THIRUVANANTHAPURAM: The price of gold in the state dropped today, bringing some relief to buyers. The rate fell by Rs 120 per sovereign and Rs 15 per gram, bringing the price to Rs 95,840 per sovereign and Rs 11,980 per gram. There had been no change in gold prices over the past two days. Yesterday, the price stood at Rs 95,960 per sovereign and Rs 11,995 per gram. The highest rate so far this month was recorded on October 17, when gold reached Rs 97,360 per sovereign and Rs 12,170 per gram. This was the highest price in history.

Earlier, financial experts had predicted that the price of gold could touch Rs 1 lakh per sovereign by Diwali. International market fluctuations continue to influence domestic gold prices. In recent weeks, global gold prices have surged as investors turned to gold as a safe investment. However, jewellery lovers are now hopeful that prices may fall further in the coming days.

Global economic factors are having a strong impact on gold prices. The possible interest rate cuts in the US, renewed US–China trade tensions, crisis in regional US banks, and the decline of the dollar against major currencies have all contributed to the surge in gold prices. In addition, several central banks, including the Reserve Bank of India, have been increasing their gold reserves, further pushing up prices.

Meanwhile, silver prices in the state remained unchanged. The rate continues at Rs 190 per gram and Rs 1,90,000 per kilogram. Silver prices in Kerala are determined based on international market trends, and fluctuations in the rupee’s value against the US dollar also influence local prices.