On Wednesday, gold prices in Kerala soared to unprecedented levels, causing disappointment among jewelry enthusiasts. The price per gram of gold increased by ₹60, reaching ₹7,060, while the cost for a sovereign (which weighs 8 grams) rose by ₹480, hitting ₹56,480. This price surge marks a significant milestone as it is the first time the price per gram has crossed the ₹7,000 mark in Kerala, and the sovereign price has surpassed ₹56,000.
In the month alone, the price of a sovereign has surged by ₹3,120, translating to an increase of ₹390 per gram. Over the past six days, the sovereign price alone has risen by ₹1,880, while the price per gram has gone up by ₹235. When accounting for GST, hallmarking fees, and minimum labor costs, purchasing a sovereign of gold in Kerala today will set buyers back at least ₹61,140.
Additionally, the price of 18-carat gold climbed by ₹45 per gram, reaching a new peak of ₹5,840. Silver prices are also on the rise, with a slight increase of ₹2, making the current price of a gram of silver ₹98. This surge in gold prices can be attributed to the ongoing rise in international gold values, which hit a record of $2,636 per ounce on Tuesday and climbed further to $2,668. Contributing factors to this upward trend include the anticipation of another interest rate cut in the U.S. and the ongoing geopolitical tensions involving Israel and Hezbollah.
