Gold prices in the state have hit an all-time high, soaring by Rs 300 today. The price of one gram of gold now stands at Rs 7,340, while one sovereign (8 grams) costs Rs 58,720. With the inclusion of labour charges and taxes, buyers will need to shell out over Rs 60,000 for a sovereign of gold. In just one week, gold prices have surged by Rs 1,960, reflecting a sharp upward trend.
As the wedding season coincides with the Malayalam Thulam month, and with the upcoming Vrishchikam month expected to see even more weddings, demand for gold is increasing rapidly. Festivals like Diwali are further driving up the demand for gold, causing prices to rise. Analysts predict that this trend will continue, with the price per sovereign likely to exceed Rs 60,000 by the end of the month.
The rise in gold prices isn’t limited to the state, as global markets are also experiencing significant increases. Silver prices are on the rise as well, with a Rs 2 hike today, bringing the price per gram of silver to Rs 107. The steep rise in both gold and silver prices is adding financial pressure on consumers, especially during the festive and wedding seasons.
The escalating gold and silver prices are placing a heavy financial burden on common people, particularly during a time when both weddings and festivals traditionally drive up demand for these precious metals. With no signs of relief in sight, many are finding it challenging to afford gold for important occasions like weddings or festive celebrations. As international markets continue to influence domestic pricing, the likelihood of a significant price drop remains slim, forcing consumers to adapt to these new, higher rates in the foreseeable future.
