Fear came true! Record rise in gold price; one has to pay Rs 90,000 for a sovereign of gold 

THIRUVANANTHAPURAM: The price of gold has soared in the state. The price of a gram of gold is Rs 10,260 after an increase of Rs 80. With this, the price of a sovereign of gold has reached an all-time record of Rs 82,080. When GST, making charges and hallmark charge are included, one will have to pay Rs 90,000 for a sovereign of gold. The reason for the increase in gold prices is said to be indications that the US Federal Reserve will reduce interest rates.

So far, there was an increase of Rs 555 for a gram and Rs 4,440 for a sovereign in Kerala. Silver prices have also increased.

As the price continues to rise, breaking records and rising to new heights, investors are looking for new ways to buy gold. As consumers are afraid to keep gold in their homes and bank lockers, digital gold investments are gaining popularity. There has been a sharp increase in the flow of money into gold exchange-traded funds (ETFs) and schemes like Systematic Investment Plans (SIPs) of various financial institutions.

There has also been a huge increase in the number of people buying jewelry. Consumers are excited to see more than 50 percent returns from gold investments in a year. On September 11 last year, the price of 10 grams of 24-carat physical gold was Rs 73,200. Now its price is more than Rs 1 lakh per 10 grams. There has been an increase of more than 50 percent in the price of physical gold in a year.