Gold turns costly for Onam; Prices rise again in Kerala, know rate today

THIRUVANANTHAPURAM: Gold prices continue to increase in the state today. The price of gold increased by Rs 80 per gram, taking the price of one gram to Rs 15,030. The price of one sovereign (8 grams) rose by Rs 640 to Rs 1,20,240. The increase in Kerala followed a sharp rise in international gold prices.

Gold prices had yesterday recorded a 17% increase from the low levels seen in June. In the international market, COMEX gold prices rose 16% from $3,942 per ounce. Indications that the US Federal Reserve may not raise interest rates, along with a downturn in the bond market, are among the major factors driving the surge in gold prices.

According to Sugandha Sachdeva, founder of SS Wealth Street, heavy gold purchases by central banks and increased investments in exchange-traded funds (ETFs) have also contributed to the rise in prices. Geopolitical uncertainty and growing government debt are encouraging investors to turn to gold as a safe-haven asset. The yield on US Treasury bonds rising to 5.33% has also contributed to tighter financial conditions.

Price of silver
Silver prices have also increased in Kerala today. The price rose by Rs 5 per gram to Rs 275.The price of 10 grams is Rs 2,750, price of 100 grams is Rs 27,500 and the price for one kilogram is Rs 2,75,000.