Gold prices in the state fell for the third day in a row. Today, the price has dropped by Rs 125 to Rs 13,315 per gram. Pawan’s price has been reduced by Rs 1,000. The new price of the Pawan is Rs 1,06,520. The price of Pawn is estimated to have decreased by Rs 1,280 in the last three days. Change in gold price in the international market has also occurred in Kerala.
News of another attack on an oil tanker in Hormuz led to an increase in crude oil prices. At the same time, the dollar index, which measures the exchange rate of the US dollar against six major currencies, rose. This also increased the cost of purchasing gold in other currencies. In the United States, June employment data bolstered hopes that at least the benchmark interest rate will not rise significantly more than expected. Gold is also under significant pressure as investors await the minutes of the US monetary policy meeting in June. Tomorrow’s yoga classes are expected to provide clues about the Federal Reserve’s next monetary policy decision.
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Experts say U.S. interest rates will rise at least once this year as inflation remains above two percent. This will lead to a further fall in gold prices. Just a few days ago, the market was speculating that there would be three interest rate hikes this year. But employment data for June changed the situation. Gold, which closed at $4,166 an ounce in the international market yesterday, fell half a percent to $4,131. A slight rebound after falling to $4125.
Central banks continue to buy
Meanwhile, data on gold purchases by central banks in May also appeared the other day. In May, central banks bought 41 tons of gold. The leading countries in procurement are Poland, China, Uzbekistan and Kazakhstan. China leads gold purchases for the 20th month in a row. May hit a 17-month high. This year alone, China bought 25 tons of gold. Singapore was included in the list of purchasing countries for the first time since September 2025.
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But countries such as Türkiye and Russia continue to sell gold. In May, Türkiye sold 3 tons, and Russia – 6 tons. During the year, both countries sold 115 tons of gold. The sale to Turkey is aimed at maintaining the exchange rate. But Russia is selling gold to overcome the economic crisis caused by the war in Ukraine.
Buy jewelry
In Kerala, buying jewelery at today’s revised price will cost at least Rs 1.2 lakh, including ten per cent commission, taxes and hallmarking charges. The commission is charged from 3 to 30 percent depending on the design of the decoration. 18 carat gold, which is used to make fine jewellery, fell by Rs 105 to Rs 11,000 per gram. 10,975 from some jewellers. Silver prices remain unchanged. It is sold at Rs 245 per gram.
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(Disclaimer: This article is not a recommendation or advice to buy or sell stocks/debts/mutual funds/cryptocurrency/IPO/gold etc. Investment in stocks/debts/mutual funds etc. is subject to market risks. You should do your own research or seek expert advice before investing)
Disclaimer: The image used in this news is not from Malayalam Manorama. This is taken from iStock/Muralinath. This image is used to make the news more clear and complete.