THIRUVANANTHAPURAM: Gold prices have once again surged in the state, with the cost of one sovereign rising by Rs 400 to Rs 56,920. The price of one gram of 22-carat gold now stands at Rs 7115, while the price of 24-carat gold stands at Rs 7762. The other day, the price of one sovereign of gold rose by Rs 560 to reach Rs 56,520.

The price of gold started declining since November 12. The highest gold rate this month was recorded on November 1. On that day, the price of one sovereign of gold stood at Rs 59,080. Global demand for gold, fluctuations in currency, interest rates and government policies are the main factors influencing gold prices. Additionally, the overall state of the economy and the value of the US dollar against other currencies also determine gold prices in the Indian market.

To purchase one sovereign of gold
Today, one has to spend Rs 61,668 to purchase one sovereign of gold. The price of gold ornaments increases with the addition of 3% GST, a hallmarking charge of ₹53.10, and making charges. The making charges primarily contribute to this price rise. Typically, making charges range between 5% and 30%.

Silver price
The price of silver has also gone up in the state. Today, one gram of silver costs Rs 101, while 1 kilogram of silver costs Rs 1,01,000. The other day, the price of one gram of silver stood at Rs 99.