Dear gold! Rs. 76,960 for one sovereign; prices skyrocket by Rs 1,200 in a single day

KOCHI: Gold prices rose by Rs 1,200 to Rs 76,960 per sovereign (pavan) yesterday. The rate per gram increased by Rs 150 to reach Rs 9,620. Buying one sovereign gold ornament at the current price will cost Rs 83,500, including GST, cess and processing fee.

The price increase is due to the weakening of the dollar against major currencies of the world and the possibility of a reduction in interest rates in the United States. The price of gold jumped by $ 32 to $ 3,446 per ounce (28.35 grams) in the international market.

The appreciation of gold is increasing due to the assessment that the Federal Reserve, the central bank, will cut interest rates sharply due to rising inflation in the United States. The volatility in Donald Trump's economic policy is also tarnishing the credibility of the dollar.