Sharp rise in price of gold in last two days; increase of Rs 1200 per sovereign

THIRUVANANTHAPURAM: The price of gold has increased in the state again. The price of a sovereign of gold increased by Rs 680 to Rs 1,19,760 and by Rs 85 per gram to Rs 14,970. The price increased by Rs 520 yesterday to Rs 1,19,080 and by Rs 65 per gram to Rs 14,885. There was an increase of Rs 1,200 for a sovereign in two days. This has once again created a crisis in the market.

The prices of gold have been fluctuating since the beginning of this month. The highest gold price of the month was recorded on March 1. On that day, the price of a sovereign was Rs 1,26,920 and Rs 15,865 per gram. However, the lowest gold price of the month was recorded on March 6. On that day, the price of gold was Rs 1,18,160 and Rs 14,770 per gram.

With the escalation of tensions in the Middle East, the surge in fuel prices has raised concerns that inflation will increase. This is likely to put pressure on metal prices as well. As part of this, the price of gold is continuously increasing in the global market. It is assessed that the Federal Reserve and other central banks are likely to keep interest rates high for a long time or even increase them further. This is a setback for metals like gold, which do not pay interest or dividends.

Meantime, there has been no change in the price of silver in the state. The price is Rs 300 per gram today and Rs 3,00,000 per kilogram. 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.