Will price of gold touch one lakh? Record surge today, rise of Rs 1000 in one go

THIRUVANANTHAPURAM: There is a major rise in the price of gold in the state. A rise of Rs 1000 was witnessed today. The price of a sovereign of gold today is Rs 88,560 and the price of a gram is Rs 11,070 after an increase of Rs 125. The is the highest gold rate recorded this month. There has been a major increase in gold prices since the beginning of last month. The price of silver per gram is Rs 166 and Rs 1,66,000 per kilogram.

The sudden change in the global market led the gold price to surge. Gold prices have hit a record high again as the US government shutdown continues indefinitely. The dollar's weakness and investors' withdrawal from US bonds have strengthened gold.

India is the world's largest gold consumer. Tons of gold are imported into the country every year. Therefore, even small changes in the global market are basically reflected in the price of gold in India. Gold is always seen as a safe investment whether the price increases or drops. People prefer to keep gold as jewellery and coins rather than as an investment value.

Factors affecting gold prices
• US inflation and interest rates
• Conflicts between countries
• Economic policies of major countries.
• Fluctuations in crude oil prices.
• Instability in the value of the rupee.
• Increased demand for gold during festive seasons like wedding season, Dussehra and Diwali.
• Considered as a safe investment.