For the third consecutive day, gold prices in the state have surged significantly, reaching new highs. The price of gold rose by Rs 520 today, bringing the cost of one sovereign to Rs 64,280. Currently, one gram of 22-carat gold is priced at Rs 8,035, while 24-carat gold is at Rs 8,765 per gram. Just yesterday, the price of a sovereign stood at Rs 63,760 following a Rs 240 increase. This marks the second time this month that gold has crossed the Rs 64,000 mark, signaling a sharp upward trend.
The surge in gold prices is primarily driven by large-scale purchases from institutional investors and central banks worldwide, as gold continues to be seen as a stable and secure investment. Additionally, the onset of the wedding season in India and China has further increased demand, contributing to the price hike.
Another factor influencing the rise is the depreciation of the Indian rupee against the US dollar, which has raised import costs. Gold is also gaining traction as a global financial asset, offering an alternative to the US dollar. Furthermore, economic uncertainties, including US trade policies under former President Donald Trump and China’s shifting economic strategies, are expected to push gold prices even higher.
Market analysts predict that if the current trend persists, gold prices could reach Rs 65,000 per sovereign by the end of February. Additionally, international gold prices may surge beyond $3,000 per ounce in the near future, reflecting strong global demand.
Silver Prices Hold Steady
Unlike gold, silver prices have remained unchanged today. The price of one gram of silver stands at Rs 108, while one kilogram is priced at Rs 108,000.
