Gold Prices Falls In Kerala On Sept 12, Onam 2024; 18K/10 Grams Rs 140 Away From Rs 55K, Cheapest Gold To Buy?

Gold, and Silver Prices In Kerala: Amidst the biggest 10-day festival of Onam, the city of Kerala is witnessing volatility in gold and silver prices on September 12. Gold prices fall in Kerala on Thursday after rising by Rs 4,100 in 24/100 grams. Currently, the price of 10 grams in 18K is just a distance of Rs 140 from hitting the Rs 55,000 mark. The cheapest gold is below Rs 5,490, while the cheapest silver is priced at Rs 91.50. The most expensive silver price to buy is at Rs 91,500.

Gold Prices In Kerala September 12: 24K gold price fell by Rs 10 to Rs 1,000. The 100 grams of 24K is priced at Rs 7,31,500, while 10 grams is available at Rs 73,150, 8 grams yellow metal is at Rs 58,520, and 1 gram of gold is at Rs 7,315.

Meanwhile, the 22K gold price also dipped by Rs 10 to Rs 1,000. Here, 22K of 100 grams is available at Rs 6,70,500, followed by yellow metal price in 10 grams at Rs 67,050, 8 grams at Rs 53,640, and 1 gram at Rs 6,705.

Furthermore, 18K gold prices dropped by Rs 8 to Rs 800. 100 grams of gold here is priced at Rs 5,48,600, 10 grams is available at Rs 54,860, 8 grams price is at Rs 43,888, and the cheapest gold to buy is of 1 gram at Rs 5,486.

Silver Prices In Kerala September 12: 1 kg Silver price is expensive at Rs 91,500 on Thursday, while the price is Rs 9,150 for 100 grams, at Rs 915 for 10 grams. Also, 8 grams and 1 gram of silver are at Rs 732 and Rs 91.50.

Kerala, Onam 2024:

Onam is an annual harvest and cultural festival celebrated mostly by the people of Kerala. A major annual event for Keralites, it is the official festival of the state and includes a spectrum of cultural events, as per Wikipedia.

Further, the date of the Onam celebration is based on the Panchangam and falls on the 22nd nakshatra Thiruvonam in the month Chingam of the Malayalam calendar, which in the Gregorian calendar falls between August-September.

In 2024, Onam will be celebrated between September 5 to September 15, 2024.

Why did Gold Prices Fall?

The prices of the yellow metal are broadly volatile after lower-than-expected US inflation data, which dampened the hopes of a 50 bps rate cut from the Federal Reserve in the upcoming policy. Expectations of a rate cut by 25 bps continue to stay. However, dollar and Treasury yield gained mildly which further made non-yielding assets like gold less attractive in the overseas market.

Nonetheless, in Kerala, gold demand is high due to the Onam festival, while prices also got dearer due to customs duty and tax restructuring since Budget 2024. The outlook for gold prices is positive ahead.