As of October 24, gold prices have dropped by Rs 440 per 8 grams, with the market price still above Rs 58,000.
Thiruvananthapuram: The gold prices in the state have dropped today (Oct 24), by Rs 440 per 8 grams. The price for one sovereign (8 gm) of gold is Rs 58,280.
The gold prices dropped in the first days of October but later soared to all-time record prices. In the past one week, the gold price went up by Rs 1960 for one sovereign.
With gold prices soaring, consumers of gold jewelry are increasingly anxious. Market analysts predict that prices will continue to rise. The primary reason for this increase is that, in the face of escalating geopolitical tensions, people are turning to gold as a safe investment. The prices have dropped as investors started selling their gold to cash-in on the profits.
The price of one gram of 22-carat gold today is Rs 7,285, while one gram of 18-carat gold is priced at Rs 6,010. The silver prices have also dropped by Rs 2, with the current price of one gram of silver at Rs 105.
Gold Prices in October at a Glance
October 1: The price of one pavan (8 grams) of gold decreased by Rs 240, bringing the market price to Rs 56,400.
October 2: Price increased by Rs 400, raising the market price to Rs 56,800.
October 3: Price rose by Rs 80, resulting in a market price of Rs 56,880.
October 4: Price increased again by Rs 80, leading to a market price of Rs 56,960.
October 5: No change in gold prices; the market price remains at Rs 56,960.
October 6: No change
October 7: Price dropped by Rs 20 per gram taking the price of one sovereign to Rs 56,800.
October 8: No change
October 9: Price drops by Rs 70 per gram, with price of one sovereign at Rs 56,240
October 10: Price drops by Rs 5 per gram, taking price of 8 grams of gold to Rs 56,200
October 11: Price rises by Rs 70 per gram, with price of one sovereign at Rs 56,760
October 12: Gold prices rise by Rs 200 per 8 grams, with price reaching Rs 56,960
October 13: No change
October 14: No change
October 15: Price drop by Rs 25 per gram, with one sovereign sold at Rs 56,760
October 16: Gold prices rise by Rs 45 per gram taking price of 8 grams to Rs 57,120
October 17: Gold prices gone up by Rs 160 per 8 gram with prices reaching Rs 57,280
October 18: Significant surge of Rs 640 per sovereign and prices reached Rs 57,920
October 19: Prices go up by Rs 480 per 8 grams with price reaching Rs 58,240
October 20: No change
October 21: Prices on upward trend with another Rs 160 surge taking the price of 8 gram of gold to Rs 58,400
October 22: No change
October 23: Gold prices rises against by Rs 320 per 8 grams with market price at Rs 58,720
October 24: Gold prices dropped by Rs 440 per 8 grams and market price is at Rs 58,280