Kochi: Kerala’s glittering gold market witnessed a sharp dip today as prices fell below ₹90,000 per sovereign for the first time in weeks, signaling a major shift in the bullion trend.
The yellow metal tumbled by ₹600 per sovereign today, bringing the price down to ₹89,800. The rate per gram dropped by ₹75, now standing at ₹11,225.
In just two days, gold prices have plunged by ₹2,300, following a steep ₹1,720 fall on Monday. Despite a brief weekend rebound of ₹1,000, the downtrend has continued, keeping buyers on alert and investors cautious.
Earlier this month, on October 3, gold had hit its lowest level of ₹86,560 per sovereign, while the record high of ₹97,360 was logged on October 17, marking a dramatic price swing within weeks.
According to market analysts, the sudden fall is tied to economic uncertainties in the United States and volatility in the global bullion market, both of which are exerting strong pressure on domestic gold prices.
As the festive season nears, traders and consumers alike are closely watching whether this correction marks a temporary dip or the start of a longer price slide.
