Gold price soaring, crosses Rs 78,000 per sovereign; big change in price by Diwali

KOCHI: The gold price has crossed Rs 78,000 for the first time in history. There was a rise of Rs 640 today for a sovereign of gold of 22-carat. With this, the price has touched Rs 78,440. The price per gram is Rs 9805. However, when making charges and GST are included, one will have to pay Rs 85,000 for gold of one sovereign.

With the increasing uncertainty in the global economic sector, the flow of money into safe investment of gold is increasing. With this, the price of gold in the international market crossed $ 3,500 per ounce for the first time in history yesterday.

In Kerala, there was a rise of Rs 160 to reach a record of Rs 77,800 yesterday. The price of gold has been rising continuously for the last three days. There has been a 34 percent increase in the price of gold in a year.

Gold prices are rising on predictions that the Federal Reserve will cut interest rates sharply in September to combat the economic slowdown. The price hike, which comes as gold consumption increases in India as the festive season approaches, is causing a major setback for jewelers. The price of a sovereign is expected to reach Rs 80,000 by Diwali.

1. Donald Trump's tariff war is putting investors on edge.
2. Large funds and central banks are buying gold in search of safety.
3. Gold is gaining popularity on the possibility of a cut in interest rates in the United States.
4. Gold is becoming a global currency as the dollar weakens.

The price of gold may cross 10,000 rupees per gram in October due to strong political uncertainties in the global region. Investors are hoping that the price of a sovereign will reach Rs 80,000.

Donald Trump's additional tariffs are once again putting pressure on the Indian stock market. The Sensex fell 206 points to close at 80,157 yesterday. The Nifty fell 4,545 points to 24,579. The main challenge is the decline in sales of American bonds.