Kochi: After shattering records in recent weeks, gold prices witnessed a sharp correction on Wednesday, with the price of gold falling by ₹1,680 per pavan in a single day. A pavan of gold is now priced at ₹1,13,160, while the rate per gram has dropped by ₹210 to ₹14,145.
The decline comes on the heels of an extraordinary surge. Just a day earlier, gold prices had jumped by ₹5,480 in two phases. Over the past three weeks alone, the price per pavan had climbed by more than ₹15,000, and nearly ₹8,500 was added in just two days, highlighting the extreme volatility in the market.
Gold crossed the ₹1 lakh per pavan milestone for the first time on December 23, driven largely by movements in the international market. Global economic uncertainty continues to influence gold prices in Kerala, with geopolitical and financial tensions reflected directly in local rates.
Market instability has been exacerbated by a statement from former US President Donald Trump, who warned of imposing higher tariffs on goods from certain European countries opposing his views on Greenland’s control. Such developments have unsettled global markets, prompting investors to turn to gold as a safe-haven investment.
Despite today’s correction, sustained demand for gold amid global uncertainty continues to keep prices at elevated levels, underscoring the precious metal’s enduring appeal during turbulent times.
