Gold price declines by Rs 560 for a sovereign at Rs 29,840
Kochi: The price of gold came down by Rs 560 and reached Rs 29,840 for one sovereign of gold. One gram of gold touched Rs. 3730. One sovereign of gold was priced Rs.30,400 the other day.
The tension between United States of America and Iran in the last few days has influenced gold pricing in the country. The price of a sovereign gold had gone up by Rs. 520 on January 6. Even though it came down by Rs. 320 subsequently, it again went up by Rs. 520 on Wednesday.
In the International market, the price of pure gold has gone down and reached 1,561 Dollars. The large scale selling of gold in order to extract profit is what caused the gold to dip in value.