Gold price hits new record high; crosses Rs 9000 per gram for first time in history

THIRUVANANTHAPURAM: The price of gold surged by Rs 760 to hit a record high of Rs 72,120 per sovereign. This is the highest rate recorded this year. One gram of 22-carat gold is Rs 9,051 and one gram of 24-carat gold is Rs 9,835.

The lowest gold rate recorded this month was on April 8. The price per sovereign was then s 65,800 per sovereign and Rs 8,225 per gram. The main reason for the price surge was the high demand for gold. The duties imposed by various countries were temporarily suspended.

As the trade war between the United States and China intensified, investors bought gold in search of safety, and the price rose in the international market. The greatest strength of gold is that it can provide investors with confidence and trust during periods of economic uncertainty. Therefore, large investors and various central banks are increasing their gold reserves. With confidence in the US dollar and debt securities declining, gold is also taking a place in foreign exchange reserves instead of the dollar.

Meantime, with the increase in gold prices, there is no rush in shops in Kerala. The members of Gold Traders Association said that many shops in the state are in the verge of closure. If the price increase continues like this, the time may come when gold will disappear from weddings very soon.