Gold prices surge again; key things buyers need to know

THIRUVANANANTHAPURAM: Gold prices have once again increased in the state. Today, the price of gold rose by Rs 1,120 per sovereign to Rs 1,18,640. The price per gram increased by Rs 140 to Rs 14,830. Yesterday, gold prices were revised twice. In the global market, the price increased by Rs 1,520 per sovereign in the morning to Rs 1,18,320. Later in the afternoon, the price fell by Rs 800 to Rs 1,17,520 per sovereign. Today's rate is the highest recorded so far this month. The lowest gold price this month was recorded on February 2 in the global market, when gold was priced at Rs 1,07,920 per sovereign and Rs 13,490 per gram.

Union Finance Minister Nirmala Sitharaman said on Monday that the sharp rise in gold prices is being closely monitored and that there is no immediate cause for concern in India. She stated that the increase in prices is mainly due to central banks of major countries buying large quantities of gold and silver. She made these remarks after a meeting of the Reserve Bank's Board of Directors.

Gold remains one of the most preferred and safest investments for families. Gold consumption in India increases significantly during festival seasons. The Finance Minister added that the price rise has not reached a level that requires urgent government intervention.

She also said that the Union Finance Ministry is evaluating the impact of the U.S. Supreme Court’s decision to cancel former President Donald Trump’s reciprocal tariffs. Minister of State for Finance Pankaj Chaudhary and Reserve Bank Governor Sanjay Malhotra also attended the meeting.

Meanwhile, silver prices in the state have fallen today. The price of silver is Rs 290 per gram and Rs 2,90,000 per kilogram. Yesterday, it was Rs 300 per gram. Silver prices in Kerala are fixed according to international market trends. Fluctuations in the value of the rupee against the dollar also affect silver prices.