Gold prices in Kerala have decreased once again, with a drop of Rs 200 per sovereign (8 grams). The current price of a sovereign stands at Rs 54,600, down from Rs 54,800 the previous day. For 22-carat gold, the price is now Rs 6,825 per gram, while 24-carat gold is priced at Rs 7,445 per gram. Similarly, silver prices have also declined in the state, with one gram of silver priced at Rs 96, and a kilogram costing Rs 96,000.
At the national level, India’s gold imports have surged due to a reduction in import duties announced in the Union Budget. Gold and silver imports increased significantly in August, with India’s gold imports rising by 221.41% to $1.006 billion compared to July. Last year, the value of gold imported during the same period was Rs 490 crore. This jump in imports comes after Finance Minister Nirmala Sitharaman reduced the import duty on gold from 15% to 6%, making smuggling less profitable and encouraging official purchases. This duty cut, along with rising festive demand, has spurred gold imports.
After the duty reduction, domestic gold prices fell by Rs 4,000 per sovereign across several stages. However, global market conditions have since driven prices back near previous levels. In August, India’s gold imports totaled Rs 84,400 crore.
Additionally, silver imports have seen an extraordinary surge, with the country importing silver worth Rs 11,038 crore in August, a seven-fold increase compared to last year’s Rs 1,317 crore.
