Gold price at record high, one sovereign is @ Rs 47,080

KOCHI: The price of the yellow metal is soaring, trading at Rs 5,885 a gram after a rise of Rs 40 today. The price of one sovereign has gone up to Rs 47,080. There is a rise of Rs 320 per sovereign from yesterday's price.

The trend in the market is that despite the increase in price, there is no drop in gold trading. This is because gold is seen as safer than any other investment. 22 carat gold was priced at Rs 5,885 per gram and 24 carat gold was priced at Rs 6,420 per gram.

The price of gold in the international market, the exchange rate of rupee against dollar, and the import duty are the criteria used to determine the price of gold.

If we examine the gold prices of the last 10 days, that is from November 25 to December 4, the gold prices recorded a decrease only on November 30. There was a drop of Rs 60 per gram lower than the previous day's trade. On all other days’, the gold prices were increasing daily.