Gold prices soar: Kerala sees highest rate this month

THIRUVANANTHAPURAM: After a two-day pause, gold prices in Kerala have risen again. Today, the price of one sovereign of gold increased by Rs 280, reaching Rs 63,840, marking the highest rate this month. The price per gram for 22-carat gold now stands at Rs 7,980, while that of 24-carat gold stands at Rs 8,706 per gram.

Major funds and various central banks are aggressively buying gold as a safe investment option. The onset of the wedding season in India and China has led to higher gold consumption, further driving up prices. Gold is gaining preference as an alternative currency to the US dollar. Meanwhile, the depreciation of the rupee against the dollar has increased import costs, leading to the price hike. The price of 24-carat gold has surged to Rs 87.3 lakh per kilogram.

The ongoing trade tensions sparked by Donald Trump's trade policies and China's new economic strategies are expected to drive gold prices higher. Analysts believe that if current trends continue, the price of one sovereign of gold could reach Rs 65,000 by the end of February. Additionally, international gold prices may surge above $3,000 per ounce, driven by escalating trade war fears and the Chinese central bank's gold reserve additions.

Silver price
In contrast, silver prices in Kerala have seen a slight decline. As of today, the price per gram of silver is Rs 106.90, and per kilogram, it stands at Rs 106,900. The previous day's rates were Rs 107 per gram and Rs 107,000 per kilogram.