Gold price soars; increases twice, rise of Rs 1800 today alone

THIRUVANANTHAPURAM: There was a major rise in the price of gold today. The price of the metal rose twice today. The price of gold rose by Rs 1,800 per sovereign and Rs 225 per gram. By noon, the price of a sovereign was Rs 97,680 and Rs 12,210 per gram. In the morning, the price of a sovereign rose by Rs 1,400 to Rs 97,280 and Rs 175 to Rs 12,160 per gram. In the meantime, there was a huge jump in the price of gold. This is the highest gold rate recorded so far this month. The lowest gold rate was recorded on December 9. The price of gold was then Rs 94,920 and Rs 11,865 per gram.

Investment demand has surged in recent months as investment inflows into gold-backed exchange-traded funds reached the highest level since 2020. However, there is still a significant segment that has ignored the gold market and that may change by the new year, says Michael Widmer, head of metals research at Bank of America. Interest in gold is increasing as many investors continue to question the reliability of the traditional 60/40 portfolio allocation. Michael Widmer says that holding 20 percent of a portfolio in gold is an effective strategy.

Meantime, the price of silver in the state also saw a big jump today. The price is Rs 215 per gram and Rs 2,15,000 per kilogram. Yesterday it was Rs 209 per gram. The price of silver in Kerala is determined according to the international market. The fluctuations in the value of the rupee compared to the dollar will also affect the price of silver.