Gold price surges by over Rs 1000 in three days; price of one sovereign of gold heading towards Rs 70,000

KOCHI: The price of gold is continuing to rise in the state, with 22-carat gold prices surging by Rs 120 to Rs 59,640 per sovereign on Thursday. The price of one gram of gold rose by Rs 15 to Rs 7,455. If this trend continues, gold prices may reach Rs 70,000 within a few months.

Yesterday, the price of one sovereign of gold increased by Rs 520 to reach Rs 59,520. On Tuesday, the price had increased by Rs 480. This means that the price of one sovereign of gold has increased by over Rs 1000 in the last three days.

This month's lowest rate was recorded on October 10 at Rs 56,200 per sovereign.

India's gold reserves

• Reserve Bank's total reserves: 855 tonnes
• Stored in country: 510.5 tonnes