Refer Report
Gold prices fell for the third day in a row, bringing ‘temporary’ relief to jewelery lovers and those trying to buy jewelery for essential needs including weddings. It fell by Rs 30 to Rs 7,050 per gram. Pavan price is Rs 56,400 down by Rs 240. The price of gram decreased by Rs 5 last Saturday and Rs 15 yesterday. A minimum of Rs.400 in Pawan three working days. The all-time record in Kerala was Rs 56,800 for pavan and Rs 7,100 per gram recorded on 27th of last month.
Couple selecting ornaments a day before Akshaya Tritiya at Joseco jewelery Kottayam 20/04/2015
Observers say that falling gold prices can be seen as an opportunity for early bookings. Most of the leading jewelers in the state offer the opportunity to pre-book the jewellery. The advantage is that by comparing the price on the day of booking and the price on the day of purchase, whichever is lower, you can get the gold jewelery at that price. Even if the price increases later after booking, the customer will not be affected. At the same time, if the price falls, gold can be acquired at that price. 18 carat gold prices also fell by Rs 25 to Rs 5,835 per gram today. Silver prices remain unchanged at Rs 98 per gram.
International price upside down
The international price hit a record high of $2,685 an ounce last week, but today fell to $2,626. The price of gold fell after the statement of Jerome Powell, the chairman of the Federal Reserve, the world’s largest financial power, that there is no possibility of another bumper relaxation in the basic interest rate. Last month, the interest rate was reduced by half a percent (0.50%).
Image: iStock/ePhotocorp
Powell indicated that a quarter percent (0.25%) discount is likely in the next meetings. With this, the withdrawal of profits in gold investment schemes including gold ETFs has become heavy. A stronger dollar also pushed down gold prices. Currently, the price of gold has recovered slightly and is at 2,638 dollars.
Today’s price including labor
As the price of gold has fallen, so has the cost of labor and taxes. 56,400 per Pawan. Adding three per cent GST, Hallmark (HUID) charge of Rs 45 plus 18% GST on this, and a minimum 5% labor charge, a Pawan jewelery would cost Rs 61,051 today. 7,631 per gram of jewelry. The price to be paid last week was Rs 61,484; 7,685 per gram and Rs. The charges vary from jeweler to jeweler depending on the design of the jewellery. Some jewelers do not charge commission as part of their offers.
Source: Malayalam