Gold price goes down by Rs.4,520 per sovereign in one month
Coimbatore: The gold price that hit a historical high has gone down Rs.4,520per sovereign over the last month.
COVID-19 virus outbreak has made a huge impact across the globe. Despite this, there was a steady increase in the price of the gold as there heavy investments made in gold across the world, but the price of one sovereign gold which Rs 43,080 in August hunkered down Rs 38,560 on September 23. While this is seemingly a happy news, gold jewellery manufacturers feel this is a temporary lull and the price would shoot up again soon.
Coimbatore Gold Jewellery Manufacturers Welfare Association, President, B. Muthu Venkatram said,"Though gold sales have gone down, more investments are made on gold by both government and private sectors across the globe. This was the main reason for the abnormal price hike witnessed a month before. While the price has gone down byRs 4,520 per sovereign in the past one month, this is just a temporary lull. There will be an abnormal price hike again pretty soon. Investment on gold and land is a safe choice for safeguarding the future."
The price details of one sovereign (8 grams) gold in the Coimbatore market in the recent days are:
September 17 - Rs 39,352
September 18 - Rs 39,536
September 19 - Rs 39,664
September 20 - Market holiday
September 21 - Rs 39,320
September 22 - Rs 38,800
September 23(Today) - Rs 38,560
COVID-19 virus outbreak has made a huge impact across the globe. Despite this, there was a steady increase in the price of the gold as there heavy investments made in gold across the world, but the price of one sovereign gold which Rs 43,080 in August hunkered down Rs 38,560 on September 23. While this is seemingly a happy news, gold jewellery manufacturers feel this is a temporary lull and the price would shoot up again soon.
Coimbatore Gold Jewellery Manufacturers Welfare Association, President, B. Muthu Venkatram said,"Though gold sales have gone down, more investments are made on gold by both government and private sectors across the globe. This was the main reason for the abnormal price hike witnessed a month before. While the price has gone down byRs 4,520 per sovereign in the past one month, this is just a temporary lull. There will be an abnormal price hike again pretty soon. Investment on gold and land is a safe choice for safeguarding the future."
The price details of one sovereign (8 grams) gold in the Coimbatore market in the recent days are:
September 17 - Rs 39,352
September 18 - Rs 39,536
September 19 - Rs 39,664
September 20 - Market holiday
September 21 - Rs 39,320
September 22 - Rs 38,800
September 23(Today) - Rs 38,560