Gold sets new milestone with massive Rs 2360 jump, price of sovereign touches Rs 1,21,120

THIRUVANANTHAPURAM: A major surge was witnessed in the price of gold on Wednesday. There was a rise of Rs 2,360 for a sovereign taking to Rs 1,21,120 and an increase of Rs 295 per gram to Rs 15,140. This is the highest gold rate in history. There was no change in gold prices on January 26 and 27. A sovereign was at Rs 1,18,760 and Rs 14,845 per gram on those days. The lowest gold rate so far this month was recorded on January 1. A sovereign was at Rs 99,040 and Rs 12,380 per gram on that day. In 27 days, the prices increased by Rs 22,080 and Rs 2,760 per gram.

Gold prices surged amid fresh tensions between the US and NATO over Greenland. Gold prices in India are determined by global and local factors. International gold prices, the value of the US dollar, and local consumption for jewelry, all determine the intrinsic value of gold. Foreign investment institutions have sold shares worth Rs 36,400 crore in the Indian market so far in January. The disappointing performance and setbacks of companies in the third quarter of the current financial year have contributed to the rise in prices.

Meantime, silver prices have also increased today. It is Rs 400 per gram and Rs 4,00,000 per kilogram. Yesterday it was Rs 387 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.