Kochi: After soaring to record-breaking levels, gold prices in Kerala have taken a sharp dip, falling by a total of ₹2,280 over the past two days. On Tuesday, prices plummeted by ₹2,200 per sovereign, followed by an additional ₹80 drop today. The current rate now stands at ₹72,040 per sovereign and ₹9,005 per gram.
The dip comes as a surprise to many, especially after speculation that prices might breach the ₹75,000 mark. Gold had first crossed ₹70,000 on April 12 and surged by over ₹4,000 in just ten days. A spike of ₹840 on April 17 had pushed it past the ₹71,000 milestone.
Market analysts attribute the recent fluctuations to ongoing global economic uncertainties. The earlier surge was largely fueled by a rush toward gold as a safe-haven investment, as financial markets wavered. However, the sudden reversal signals increased volatility ahead in the bullion market.
