Gold price crosses lakh; sharp rise in price of sovereign, jewelry lovers worried

THIRUVANANTHAPURAM: The price of gold in the state has crossed one lakh for the first time in the new year. The price of gold today increased by Rs 1,160 to Rs 100,760 per sovereign and by Rs 145 per gram to Rs 12,595. This is the highest gold price recorded so far in January. This has once again created serious concerns in the gold market. There was no change in the price of gold on January 3 and 4. On that day, the price of gold was Rs 99,600 per sovereign and Rs 12,450 per gram. The lowest gold price recorded so far this month was on January 1. On that day, the price of gold was Rs 99,040 and Rs 12,380 per gram.

Economic experts had the other day indicated that there would be a possibility of major volatility and price hike in the market as part of the actions taken by the United States in the Latin American country of Venezuela. The increased geopolitical uncertainty at the global level is also expected to create instability in the market. The new situation in Venezuela, the country with the world's largest oil reserves, is likely to be reflected in gold and silver prices this week. Today's gold price surge is ahead of that.

There was an unexpected jump in gold prices towards the end of last year. The price of gold crossed Rs 1 lakh for the first time in history on December 23. The international gold price continued to rise by $ 22 per ounce at $ 4,349.55. The deepening US-Venezuela dispute and concerns that the Russia-Ukraine peace talks will fail have prompted investors to see gold as a safe investment.

There has also been a huge increase in the price of silver in the state today. It is Rs 265 per gram and Rs 2,65,000 per kilogram. Yesterday, it was Rs 257 per gram. The price of silver in Kerala is determined according to the international market. The fluctuations in the value of the rupee compared to the dollar will also affect the price of silver.