Gold prices in Kerala fell on Monday after surging to a record high in recent weeks, raising hopes for Jewellers and customers ahead of Akshaya Tritiya on April 30. The price of a sovereign of gold dropped by ₹520 to ₹71,520.

The decreasing price offers significant relief to customers, as many are taking advantage of the advance booking system ahead of Akshaya Tritiya, said Bhima Group Chairman Dr B Govindan. He noted a rise in the number of people using the system to book gold purchases for April 30.

However, the quantity of gold purchased by customers has declined compared to previous years, due to a 35–37 per cent increase in prices. But this won't affect the overall sales as the prices are at a record high this year. 

Meanwhile, the price of a gram of gold fell below ₹9000 for the first time in nearly a week, dropping by ₹65 to ₹8940, according to the All Kerala Gold and Silver Merchants Association. The price of 18-carat gold also decreased by ₹55 to ₹7405 per gram. 

Easing trade tensions between the US and China helped the international gold prices to retreat, consequently dragging down domestic prices as well. On Monday, gold was trading 1.1 per cent lower at $3,282.33 an ounce.

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