Gold prices suffered their biggest fall in two weeks in international markets. Soon the return began. The international price is now $4,017.74 per ounce, down to just $3,986.54 per ounce.
It was believed that the price of gold in Kerala would also fall to a large extent today due to the fall in international prices. However, as the economy recovered, today’s price decline in Kerala was limited to some extent. The morning price was Rs 13,090, down Rs 10 per gram. The price fell by Rs 80 to Rs 1,04,720.
In the Middle East, the escalation of the war between Iran and the United States and the closure of Hormuz have led to rising oil prices. This also strengthened the dollar. The assessment that inflation will hit the world also supported the dollar. In addition, the US central bank, the Federal Reserve, said that bank governor Christopher Waller may soon raise its key interest rate.
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This led to a fall in international gold prices. But with US Federal Reserve Chairman Kevin Warsh set to testify before the US Congress this week, increased interest in what he might have to say has become a rallying cry for gold. Another decisive factor for gold is the imminent publication of inflation data in the United States.
If inflation picks up and Kevin signals higher interest rates, the dollar will strengthen again. This will lead to a further fall in gold prices. At the same time, the dollar will weaken if Kevin caves to President Trump and refrains from raising interest rates. Gold prices will return to growth. Will Kevin Warsh be the savior of gold or the villain? This week was decisive.
For the past few months in Kerala, each jewelery association has been fixing the prices of 18k gold and silver separately. Traders yesterday unanimously decided to unify prices. Accordingly, the Kerala Gold and Silver Merchants Association (AKGSMA) has reduced the price of 18 carat gold by Rs 70 per gram to Rs 10,755. The Kerala Gold and Silver Merchants Association (KGSMA) paid Rs 10,755 for a loss of Rs 10,755.
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Both organizations charge the same price for silver; 235 today unchanged. 14 carat gold prices fell by Rs 5 to Rs 8,380 per gram. 9 carat gold prices fell by Rs 5 to Rs 5,405 per gram.
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