Gold in all-time record; price to change drastically in coming days

KOCHI: The price of gold is at an all-time record. The price of a sovereign of gold is Rs 87,000. There was an increase of Rs 880 today alone for a sovereign of gold of 22 carat. After a rise of Rs 110, the price per gram is Rs 10,875. When buying jewelry of a sovereign of gold, one will have to pay more than Rs 95,000 including service tax, cess and making charges. If this trend continues, it may soon cross one lakh. The price of a sovereign of gold, which rose by Rs 1,040 yesterday morning and dropped by Rs 640 in the afternoon, was Rs 86,120.

The price of gram rose by Rs 130 yesterday morning but later fell by Rs 80. After rising to $3,870 per ounce in the international market yesterday, it fell to $3,818. Although there was volatility in the price, traders predict that the price of gold will continue to move upwards.

The sudden change in the global market has led to the surge in gold prices. The weakening of the US dollar is also contributing to the rise in gold prices. India is the world's largest consumer of gold. Special days including Navratri, Mahanavami and Diwali have also increased the demand for gold. This has also led to the increase in prices.