KOCHI: In a continuous downward trend that brings a sigh of relief to customers, gold prices in Kerala witnessed another dip on Monday. The price of 22-carat gold fell by ₹520 per sovereign, bringing the current rate down to ₹1,14,560.
According to the daily market rates, the price per gram of 22-carat gold has decreased by ₹65, now standing at ₹14,320. Other purities also saw parallel corrections; the price of 24-carat gold dropped by ₹71 per gram to reach ₹15,622, while 18-carat gold slipped by ₹53 per gram, settling at ₹11,717.
This marks a significant cooling off after the historic price surge earlier this month when the Central Government unexpectedly raised the import duty on gold from 6% to 15%. Market experts suggest that this partial correction is a result of adjusted calculations involving the new duty structure and a slight stabilization in international bullion rates. Over the past week alone, the market has seen a cumulative reduction of several thousand rupees, reviving hopes for prospective buyers planning purchases for the upcoming wedding season.