Gold price touches a lakh, rise of Rs 1760 in one go; Rs 1,01,600 for a sovereign

THIRUVANANTHAPURAM: The price of gold has crossed a lakh, raising the heartbeat of jewelry lovers. As per the latest price information, a sovereign of gold is priced at Rs 1,01,600. The price of a gram is Rs 12,700. There was an increase of Rs 1,760 today alone. This is the first time in history that there has been such a big increase in the price of gold. The price increased in Kerala following the record in international prices. One will have to pay more including GST and processing fees.

The price of 18-carat gold has increased by Rs 200 to Rs 10,525. Along with this, the price of silver has also increased. It has increased by Rs 2 per gram to Rs 220. Gold is gaining strength as investors consider it a safe investment due to various global conditions. Gold is an attractive alternative to the dollar in a turbulent global situation. The fact that central banks are continuing to buy gold instead of hoarding US dollars is also giving gold the upper hand.

Despite a slight decline in the demand for jewelry in the domestic market, people are showing interest in investing in gold. Investors are buying gold coins, gold bars and ETFs, realizing that it is more than just a festive ornament but also a financial asset. Geopolitical tensions, fluctuations in the value of the rupee against the dollar, the US Federal Reserve's interest rate cut, and volatility in the stock market are also contributing to the rise in gold prices.