Gold prices in Kerala have surged past Rs 52,000 once again after a period of relative stability. As of Tuesday, the price of gold increased by Rs 760 to Rs 52,520 per sovereign (8 grams) and by Rs 95 to Rs 6,565 per gram. This is the highest price recorded since the Union Budget’s reduction of the gold import duty.
On Monday, gold was priced at Rs 51,760 per sovereign and Rs 6,470 per gram. Following the import duty cut on July 17, gold prices had fallen from Rs 55,000 to Rs 50,400 within a few days, but have now risen to Rs 52,520 in just 18 days.
The recent increase is partly driven by international market factors, including the ongoing conflict between Israel and Iran, which has led investors to seek gold as a safe-haven asset. Globally, gold is trading at USD 2,467 per troy ounce (31.1 grams).
If this trend continues, further price increases are anticipated, particularly concerning with the wedding and festival seasons approaching. As a result, many are considering purchasing gold in advance to avoid potential future price hikes.
