Kochi: In a striking market twist, gold prices in Kerala fell sharply despite a powerful rally in the global market driven by escalating geopolitical tensions in West Asia. The price of gold in the state dropped by ₹2,400 per sovereign to ₹1,24,520, while the per gram rate declined by ₹300 to ₹15,565. The correction comes as a surprise to traders and buyers alike, especially after gold had surged by ₹8,440 over the past two days, raising expectations of further gains.
Internationally, gold climbed to $5,363 per ounce, supported by a stronger dollar index at 97.82, while silver advanced to $93.86 per ounce. Market experts suggest that since global markets were closed the previous day but local prices in Kerala were raised, a price adjustment became inevitable. The recent global surge was fueled by heightened tensions involving Israel, the United States, and Iran, pushing investors toward safe-haven assets. Meanwhile, crude oil prices jumped to $82 per barrel, and Indian stock markets opened on a weak note, with the Sensex and Nifty slipping amid growing investor caution.
