Gold price declines by Rs 2,760 in one-and-half months
Kochi: Gold price continues to go on a downward trend. Gold price is down by Rs 240 for a sovereign and is trading at Rs 20,720 on Thursday. A gram of gold is priced at Rs 2590. On Saturday, gold price was Rs 20,960, down Rs 240.
The is the lowest price the yellow metal recorded during the past 9 months. Gold price registered below Rs 21,000 during March 2016.
The past one-and-half months has seen a decline of Rs 2760 in the gold rates. On November 9, gold price was at Rs 23,480.
The decrease in price at the international market was attributed to the fall in domestic prices.
Meanwhile, the US Federal Reserve on Wednesday raised interest rates for the first time in a year, and only the second time since the 2008 financial crisis. The US central bank also predicted three further rates increase in 2017, up from previous expectations of two rate hikes.