Gold prices surge sharply in state amid wedding season; Sovereign rises by Rs 840

THIRUVANANTHAPURAM: Today, gold prices saw a significant surge across the state. The price of a sovereign increased by Rs 840, bringing the cost of 22-carat gold to Rs 53,360 per pav. The current rate per gram is Rs 6,670.

For 24-carat gold, the price stands at Rs 7,163 per gram, while 18-carat gold is priced at Rs 5,373 per gram. As the wedding season coincides with the rise in gold prices, many fear that this could significantly impact wedding budgets.

Nationally, the price of 10 grams of gold has reached Rs 70,000. In Delhi, 22-carat gold is priced at Rs 65,810 per 10 grams. The prices in other major cities are as follows: Rs 65,660 in Mumbai, Rs 65,710 in Ahmedabad and Rs 65,660 in Chennai.

The sharp rise in gold prices follows the recent reduction in import duties as announced in the budget. Additionally, fears of a recession in the U.S. and ongoing political tensions in the West have bolstered gold's appeal as a safe-haven investment.

If political conflicts involving Israel and Iran remain unresolved, gold prices are expected to climb even higher. Earlier, prices had dropped to Rs 50,400 following the reduction in customs duties but this decline was short-lived as prices have since seen a rapid increase.