Kochi: After witnessing a dramatic rally in recent days, gold prices in the state have sharply reversed course, falling by ₹2,280 per sovereign in a single day. The price of one sovereign now stands at ₹1,20,640, while the per gram rate has declined by ₹285 to ₹15,080. The slide comes after an earlier dip of ₹360 in the morning, followed by a steep evening fall of ₹1,760 — taking the total one-day decline to over ₹2,000.
The correction follows a strong surge driven by escalating tensions in West Asia, which had pushed investors toward gold as a safe-haven asset. Increased purchases by central banks worldwide had also supported the rally. Amid conflict involving Israel, the United States, and Iran, prices had jumped by ₹5,240 per sovereign in two phases on Saturday. Gold had touched a record high of ₹1,31,160 on January 29, and had first crossed the ₹1 lakh milestone on December 23.
