'Gold prices dip over Rs.1,500 per sovereign due to small countries selling gold in the market owing to Covid crisis:' Coimbatore Gold Jewellers Association President, Muthu Venkatram

Coimbatore: Gold prices have fallen by over Rs.1500 per sovereign in the past two weeks. Jewellery makers say the drop in prices is due to smaller countries beginning to sell their gold owing to the impact of Covid-19.

Gold prices have been rising steadily for the past month and a half due to the complete lockdown that had been imposed across Tamil Nadu due to Covid-19. The sharp rise in the price of gold when there was no sales came as a shock to buyers. The depreciation of the US dollar in the country was attributed to the rise in gold prices. However, during the period from June 11 to June 27, the price of gold fell by more than Rs.1500 which has delighted gold buyers.

Coimbatore Gold Jewellers Association President, Muthu Venkatram said, "Small countries, including Syria and Bolivia, have started selling their gold in the market due to the spread of Covid-19. It is only temporary and we predict that the price of gold will start rising again in a few days."

Details of the price of gold (per sovereign) in the last two weeks in the Coimbatore market:

June 11 - Rs 38,040

June 12 - Rs 37,752

June 16 - Rs 37,424

June 17 - Rs 37,024

June 18 - Rs 36,528

June 24 - Rs 36,320

June 26 - Rs 36,400