Gold price rises by Rs 1,680 in a single day, just days left to cross Rs one lakh

THIRUVANANTHAPURAM: There was a huge jump in the price of gold in the state today. The price of a sovereign increased by Rs 1,680 to Rs 93,720 and the price of one gram increased by Rs 210 to Rs 11,715. This is the highest gold price of this month. There was a slight drop in the price of gold yesterday. The price of a sovereign reduced by Rs 240 to Rs 92,040 and the price of a gram by Rs 30 to Rs 11,505. The lowest gold price so far this month was recorded on November 3. On that day, the price of a sovereign was Rs 89,080 and the price of a gram was Rs 11,135.

Investors were attracted to gold by the possibility of a drop in interest rates in the United States. With the end of the US government shutdown and the release of economic data, the Federal Reserve may be forced to reduce interest rates. Economists say that investors have moved into gold due to the weakness of the dollar.

Movements in the international market indicate that the gold price will continue to advance. Experts say that if the present trend continues, the price of gold in the international market may rise to $4,500 per ounce. With this, the price of gold in Kerala may exceed Rs 1 lakh. Due to the sharp fluctuations in prices, there is a sharp slowdown in sales in jewelers in the state. Customers who had postponed their purchase decisions in the hope that the price would come down further have been cut. The price of gold has recovered after falling to Rs 89,080 on November 5.