Gold prices fall sharply in Kerala reaching lowest level this month
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Kochi: Gold prices continued to decline sharply in Kerala on Friday, with a total drop of ₹1,120 recorded during the day. By afternoon, the price of 8 grams of gold had fallen by ₹400 to ₹1,17,840. The per-gram rate also declined by ₹50, bringing it down to ₹14,730.
Earlier in the morning, gold prices had already dropped by ₹720 for the standard measure and by ₹90 per gram. With the additional fall later in the day, the total decline reached ₹1,120, while the overall reduction per gram stood at ₹140.
The price of 18-carat gold is currently ₹12,100 per gram, while the price for eight grams of the same purity stands at ₹96,800.
Gold prices have now reached their lowest level so far this month. On March 1, the price of gold had climbed to ₹1,26,920. Within two weeks, the price has declined by ₹9,080.
The fall in prices in Kerala followed a similar trend in the global market. Gold is currently trading at $5,088 per troy ounce internationally, while silver is priced at $82.47.
According to market trends, gold prices had risen sharply at the beginning of the war in the Middle East. However, the prices later declined as oil prices began to increase. The strengthening of the dollar also contributed to the fall in gold prices.