THIRUVANANTHAPURAM: Gold prices in the state witnessed a slight increase today. The price of 22-karat gold rose by ₹30 per gram. With this hike, the current price for one sovereign (8 grams) of gold stands at ₹1,16,880. Following the sudden hike in gold import duty by the Indian government, gold prices had skyrocketed by around ₹10,200 in a single day on May 13. The highest gold price recorded so far this month was ₹1,23,120, after which the rates have been continuously fluctuating.
The Kerala Gold and Silver Merchants Association (KGSMA) had strongly reacted against the central government’s decision to hike the import duty. They explained that although raising the import duty on gold from 6% to 15% aims to reduce overall imports, it will naturally lead to an increase in gold smuggling. KGSMA State General Secretary Adv. Abdul Nazar, President K. Surendran, and Treasurer Krishnadas C.V. pointed out that previously, when a 15% import duty was in place, India imported 1,000 tonnes of gold. Conversely, when the import duty was lower at 6%, the total import stayed below 800 tonnes.
This Month’s Gold Prices at a Glance
May 1: Morning – ₹1,11,720 | Afternoon – ₹1,10,280 | Evening – ₹1,09,720.
(With inputs from MN)
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