Gold prices in India dropped sharply on April 14, during the celebration of a host of festivals, especially in the southern parts. On Monday, states all over the country are celebrating Ambedkar Jayanti, Vishnu, Tamil New Year, Biju, Maha Vishuva Sankranti, and more. Coming to gold prices in cities like Kerala, Chennai and Hyderabad, 10 grams of gold in 24K slipped to Rs 95,510, while 22K gold is around Rs 87,550. Nonetheless, gold prices were still near their record highs. MCX gold trading is closed on Monday due to these festivals. Let's compare rates of gold in Hyderabad and Kerala.
Gold Prices In Kerala:
24K gold in 100 grams is down by Rs 1,600 to Rs 9,55,100, while 10 grams gold price slipped by Rs 160 to Rs 95,510. Furthermore, 8 grams and 1-gram gold price shed Rs 128 and Rs 16 to Rs 76,408 and Rs 9,551 respectively on April 14th, when citizens in the south celebrated Vishu, Maha Vishuva Sankranti and Puthandu aka Tamil New Year.
Meanwhile, 22K gold price dropped by Rs 1,500 to Rs 8,75,500 per 100 grams, followed by a decline of Rs 150 to Rs 87,550 in 10 grams. Also, 8 grams and 1 grams gold plunged by Rs 120 and Rs 15 to Rs 70,040 and Rs 8,755 respectively.
18K gold price is at Rs 7,16,400 in 100 grams, down by Rs 1,200. Also, 10-gram gold price slipped by Rs 12o to Rs 71,600 in the city. The 8-gram gold price is down by Rs 96 to Rs 57,312, and 1 gram is down by Rs 12 to Rs 7,164 on April 14.
Silver Prices In Kerala:
1Kg silver price stood at Rs 1,09,900, down by Rs 100. While 100 grams and 10 grams silver is at Rs 10,900 and Rs 1,099, lower by Rs 10 and Re 1 on April 14th. 8 grams and 1 gram silver price is at Rs 879.20 and Rs 109.90.
Gold Significance In India:
As per World Gold Council, Gold has a central role in the country's culture, considered a store of value, a symbol of wealth and status and a fundamental part of many rituals. Among the country's rural population, a deep affinity for gold goes hand in hand with practical considerations of the portability and security of jewellery as an investment.
WGC's website highlighted that Gold is considered to be auspicious, particularly in Hindu and Jain cultures. The ancient law-giver Manu decreed that gold ornaments should be worn for important ceremonies and occasions. Aside from Diwali, one of the most important dates in the Indian calendar, regional festivals across the country are celebrated with gold: in the south, Akshaya Tritiya, Pongal, Onam and Ugadi; in the east, Durga Puja; in the west, Gudi Pavda; in the north, Baisakhi and Karva Chauth.
Gold is central to more personal life events too. Gifting gold is a deeply ingrained part of marriage rituals in Indian society-weddings generate approximately 50 percent of annual gold demand in India, it said.
Kerala is among the top states related to gold consumption in India.
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