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Prices of precious metals are impacted by a range of elements, including geo-political happenings. Image : Dhanam File
Gold prices continue to fall, offering relief to jewellery lovers and wedding shoppers. In Kerala, the price of 22 carat gold has dropped by Rs 10 per gram to Rs 6,695 and by Rs 80 per sovereign (8 grams) to Rs 53,560 for the second consecutive day.
The price of 18-carat gold, commonly used for lightweight and gemstone-studded jewellery, has also decreased by Rs 5 per gram to Rs 5,545. Silver prices, after a brief recovery, have declined by Rs 2 per gram to Rs 91. However, silver prices ended at last week's levels.
Keeping abreast of global trends
The fall in gold prices in Kerala mirrors the global trend. Yesterday, international gold prices closed at $2,503.45 per ounce, down 0.70%.
While the price of one sovereign of gold is currently Rs 53,560, consumers should have to pay at least Rs 58,000 for gold jewellery due to making charges and taxes.
With gold prices at a lower level, customers are advised to pre-book their purchases to safeguard against future price increases. Many jewellers are offering pre-booking facilities as well.
Gold and silver prices in metro cities
Among metros, 10 gm of 24 carat gold was at Rs 73181.0 in Delhi where 1 kg of silver was at Rs 85100.0. Gold prices were lowest in Kolkata with 10 grams of 24 carat gold costing Rs 73109 while it was the highest in Mumbai at Rs 74261.
Gold (24 carat) and silver prices in metros
| City | Gold (24 carat/Rs/10 grams/) | Silver (Rs/Kg) |
| Delhi | 73181 | 85100 |
| Chennai | 73613 | 85270 |
| Mumbai | 74261 | 85100 |
| Kolkata | 73109 | 85100 |
The gold September 2024 MCX futures were trading at Rs1400.0 per 10 gms, down by 19.122% at the time of publishing.
The silver November 2024 MCX futures were trading at Rs4883.0 per kg down by 24.738% at the time of publishing.
Reasons for price fluctuations
Livemint.com reports that fluctuations in gold and silver prices are impacted by a range of elements, among them the input from respected jewellers.
Elements such as the worldwide desire for gold, variations in currency values between countries, current interest rates, and government rules about the gold trade all play a role in these changes.
Furthermore, worldwide occurrences such as the state of the global economy and the potency of the US dollar against other currencies also exert influence on gold prices in the Indian market.
(With inputs from livemint.com)
