Kochi: Gold prices in Kerala have witnessed a dramatic fall, bringing major relief to buyers after weeks of record highs. The price of gold dropped by a sharp ₹1,040 per sovereign in a single day, taking the cost of one sovereign (8 grams) to ₹1,11,280. On a per-gram basis, the price declined by ₹130, settling at ₹13,910.
Gold had touched a historic peak of ₹1,31,160 per sovereign on the 29th, but the rally was short-lived. Over the last five days, prices have plunged by nearly ₹20,000 per sovereign, marking one of the steepest corrections seen in recent times.
Sunday turned out to be a day of intense volatility. Gold prices slipped twice during the morning and afternoon sessions, only to rebound unusually during the evening and night. While prices had fallen by almost ₹10,000 during the day, around ₹5,000 was recovered later, reflecting the ongoing uncertainty in the market.
Gold in Kerala had crossed the ₹1-lakh milestone for the first time on December 23. Analysts say fluctuations in the international bullion market and broader global economic instability continue to drive sharp movements in gold prices across the state.
