Of late the price has now reduced and is sold between Rs 38,000 and Rs 39,000 for some time.
Coimbatore: After a long haul of four months, the price of one sovereign gold has reduced to Rs 35,000 range giving an interim relief to the people.
Post Covid-19 pandemic outbreak the price of gold continued to increase abnormally. Cost of gold per sovereign made history after being sold for Rs 43,000.
During the union budget,the government reduced the import duty for gold from 12.5% to 10.75%. Nearly 2% was reduced which helped the gold price to reduce by more than Rs 1,000 immediately. Later the price has now reducedand is sold between Rs 38,000 and Rs 39,000 for some time.
Coimbatore Jewellery Manufacturers Association President, B. Muthu Venkatram stated that, "The initiative taken by the central government has helped the gold price to come down. At present the huge price reduction witnessed is due to more selling pressure which is witnessed in the UK market. Very soon again the price will go up. Hence those who wish to buy jewellery can make use of the present situation. After 4 months the price of gold one sovereign has started to witness in the Rs 35,000 range."
Gold price (One Sovereign) witnessed in Coimbatore market
February 17: Rs 36,064
February 18: Rs 35,800
February 19: Rs 35,560
February 20: Rs 35,680
February 21: Market Holiday
February 22: (TODAY) : Rs 35,840
Post Covid-19 pandemic outbreak the price of gold continued to increase abnormally. Cost of gold per sovereign made history after being sold for Rs 43,000.
During the union budget,the government reduced the import duty for gold from 12.5% to 10.75%. Nearly 2% was reduced which helped the gold price to reduce by more than Rs 1,000 immediately. Later the price has now reducedand is sold between Rs 38,000 and Rs 39,000 for some time.
Coimbatore Jewellery Manufacturers Association President, B. Muthu Venkatram stated that, "The initiative taken by the central government has helped the gold price to come down. At present the huge price reduction witnessed is due to more selling pressure which is witnessed in the UK market. Very soon again the price will go up. Hence those who wish to buy jewellery can make use of the present situation. After 4 months the price of gold one sovereign has started to witness in the Rs 35,000 range."
Gold price (One Sovereign) witnessed in Coimbatore market
February 17: Rs 36,064
February 18: Rs 35,800
February 19: Rs 35,560
February 20: Rs 35,680
February 21: Market Holiday
February 22: (TODAY) : Rs 35,840