Gold price record all-time high; will not even get one sovereign for Rs 70,000 

KOCHI: There is a historic surge in the gold prices on Tuesday. The price of gold has crossed Rs 66,000. There was a rise of Rs 320 for 22 carat gold today alone. The price of a gram is Rs 8250 after an increase of Rs 40. The record of Rs 65,840 recorded last Friday was shattered today. The price of 18-carat gold increased by Rs 35 per gram taking to Rs 6810. The present rate of silver per gram is Rs 111.

The assessment that the key interest rate may be reduced twice this year with a slight decrease in inflation in the US has led to a sudden jump in the price of gold.

Jewelry owners said that the jump in price is causing a severe setback in the sale of gold in the domestic market. They said that the slowdown in the economic sector and uncertainty in investment sectors including stocks are adversely affecting sales. To buy a sovereign of gold, one has to pay more than Rs 70,000 including GST, cess and making charges.