Gold prices hit record high; likely to exceed Rs 60,000 by end of this month

THIRUVANANTHAPURAM: Gold prices have reached a historical high in the state. Gold prices surged by Rs 300 today in the state, making the price of 1 gram of gold Rs 7,340 and 1 sovereign (8 grams) Rs 58,720. To buy 1 sovereign of gold from a jeweller, one would have to pay over Rs 60,000, including labour charges and taxes. Gold prices have risen by Rs 1,960 in just one week.

The wedding season has begun with the onset of the Thulam month (Malayalam calendar). The number of weddings will significantly increase in the Vrishchikam month. Additionally, with festivals like Diwali approaching, the demand for gold will surge. Consequently, gold prices are likely to rise in the coming days. Market trends suggest that there will be no relief for the common people in gold prices anytime soon. If the current trend continues, the price of gold per sovereign may exceed Rs 60,000 by the end of this month.

The prices of gold and silver are increasing at the international level as well. The price of silver increased by Rs 2 today. The price of one gram of silver stands at Rs 107 today. The increase in the prices of gold and silver is greatly affecting the common people.