Gold prices surge, crossing Rs 55,000 mark

THIRUVANANTHAPURAM: Today, gold prices in the state saw a significant jump, with an increase of Rs 400 per sovereign. Today's price of one sovereign of gold is Rs 55,120 and Rs 6,890 per gram. This is the highest gold price recorded this year. The price of one pavan of gold remained unchanged for the last two days.

The lowest gold price of this month was recorded on May 1, when the price of one sovereign of gold was Rs 52,440. The figures indicate that the international gold trade is performing well. The standard rose by 17.59 dollars (0.73%) to 2,437.94 dollars per troy ounce. Rising demand in China and the dollar crisis have contributed to the rise in gold prices.

The silver price in the state has recorded a decrease today. The current price of one gram of silver is Rs 96.40 and the price of one kilogram of silver is Rs 96,400.

Gold rates in May

- May 20: ₹55,120

- May 19: ₹54,720

- May 18: ₹54,720

- May 17: ₹54,080

- May 16: ₹54,280

- May 15: ₹53,720

- May 14: ₹53,400

- May 13: ₹53,720

- May 12: ₹53,800

- May 11: ₹53,800

- May 10: ₹54,040

- May 09: ₹52,920

- May 08: ₹53,000

- May 07: ₹53,080

- May 06: ₹52,840

- May 05: ₹52,680

- May 04: ₹52,680

- May 03: ₹52,680

- May 02: ₹53,000

- May 01: ₹52,440

The country's gold mortgage market is experiencing excitement as prices have reached new highs in line with the global market. Banks and financial institutions are gearing up for better growth by allowing additional funds on top of existing gold mortgage loans. As part of this, they have started sending messages to customers with offers to renew their existing loans and obtain additional amounts. Efforts to acquire gold mortgage loans with additional benefits are also active, and the price of gold in the state reached a record high of Rs 54,720 on Saturday.

Consumers are ramping up loan renewals to take advantage of the significant jump in gold prices over the past two months, financial insiders say. At the current price, if a gold mortgage loan is renewed, the customer can earn an additional four thousand rupees. Taking advantage of this opportunity, banks are trying to make additional gains in the gold mortgage market, which is dominated by non-banking financial institutions (NBFCs). As the Reserve Bank has imposed strict restrictions and additional liabilities on the disbursement of unsecured loans, banks are planning to pay more attention to the gold mortgage sector.