Gold prices soared to new heights on Wednesday, leaving jewellery lovers deeply disappointed. The price per gram of gold rose by Rs 60 to Rs 7,060. The price of a sovereign (8 grams) rose by Rs 480, reaching Rs 56,480.
On Tuesday, for the first time in history, the price per gram in Kerala crossed Rs 7,000, and the price of a sovereign exceeded Rs 56,000. So far this month, the price of a sovereign has increased by Rs 3,120 and Rs 390 per gram. In the last six days, the price of a sovereign has risen by Rs 1,880 and by Rs 235 per gram. Including GST, hallmarking fees, and minimum labour charges, buying a sovereign of gold in Kerala today will cost at least Rs 61,140.
The price of 18-carat gold also rose by Rs 45 per gram, reaching a new high of Rs 5,840. Silver prices are also climbing. With an Rs 2 increase, a gram of silver is now priced at Rs 98. The surge in international gold prices, which broke records on Tuesday at $2,636 per ounce, rose further today to $2,668, influencing the gold prices in Kerala. Factors such as the possibility of another interest rate cut in the US and the ongoing Israel-Hezbollah conflict are driving gold prices upward.
