Gold prices in Kerala have surged for the third consecutive day, reflecting a steady upward trend in the market. On Thursday, the price of sovereign gold increased by ₹200, reaching ₹63,440 per sovereign. The price of one gram of gold also witnessed a ₹25 hike, now standing at ₹7,930 per gram.
The latest price hike has surpassed the previous day’s record of ₹63,240 per sovereign, marking an overall increase of ₹1,800 in just three days. The lowest price recorded in February was on the 3rd of the month, when gold was available at ₹61,640 per sovereign.
Gold Prices Have Been Rising Since January
Gold crossed the ₹60,000 mark on January 22, when it was trading at ₹60,200 per sovereign. Since then, the price has seen a sharp increase, maintaining an upward trajectory throughout the past few weeks. With the current price levels, purchasing a sovereign of gold jewellery now costs approximately ₹68,700, which includes a 5% labour charge, 3% GST, and HUID charges of ₹45.
Reasons Behind the Price Surge
Several global economic factors have contributed to the rising gold prices. The ongoing trade war between the US and China, along with economic uncertainties and market volatility, has fueled investor interest in gold as a safe-haven asset. Additionally, US government policies and concerns over inflation have further influenced the gold market.
As of Thursday, the international price of gold stood at USD 2,865 per troy ounce (31.1 grams). Analysts suggest that if global tensions persist, gold prices may continue to climb in the coming days, impacting both investors and consumers in the Indian market.
