Where is this going, gold prices continue to rise; crosses 90,000 per sovereign 

THIRUVANANTHAPURAM: Record-high gold prices have made jewellery less affordable for the lovers of the yellow metal. There was a rise of Rs 840 for a sovereign, today alone. With this, the price of a sovereign of gold in the state has crossed Rs 90,000. To get one sovereign of 22-carat gold, one will have to pay Rs 90,320. If those buying as jewellery, price will increase after adding the making charges and GST.

There was an increase in the price of gold yesterday. The price of a sovereign of gold was Rs 88,560 after an increase of Rs 1000. The price per gram increased by Rs 125. Gold prices are breaking records as economic and political uncertainties in the global region intensify. Central banks and global funds continue to compete to buy gold in search of safety.

Central banks, including Chinese Central Bank, are buying gold in large quantities. Investors are worried about the economic crisis in the United States. Key economic figures are not being released due to the ongoing shutdown in the United States. Even after seven days of shutdown, the crisis is not easing. The possibility of the Federal Reserve cutting interest rates by a quarter of a percentage point in October is also favorable.

If the depreciation of the rupee is also taken into account, the price of gold in Kerala may reach Rs one lakh before Diwali. Gold is the safest investment during the crisis period. Leading central banks of the world are increasing their gold reserves by excluding US dollars and bonds from their foreign exchange reserves. So far this year, gold prices have increased by 51 percent. Silver prices are also breaking records.