First In History, Gold Price Per Sovereign Climbs Past Rs 1 Lakh
Gold price has soared above Rs 1 lakh per sovereign for the first time in history, sparking worry among consumers. As per the latest rate, the price per sovereign gold is around Rs 1,01,600, breaking all previous records. Buyers will have to pay Rs 12,700 per gram of gold from now onwards.
The glittering rally of the gold continue to soar reflects the metal’s global rally and strong investor demand. Spot gold jumped 1% to a record $4,384.50 an ounce, globally. Silver too sparkled, with spot silver gaining 2.2% to a record high of $68.65 per ounce.
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The fluctuations and the hike in gold price is driven by a combination of geopolitical tensions, aggressive central bank gold buying, and rising expectations of interest rate cuts in 2026.
Gold has gained 67% year-to-date, while silver has surged a staggering 125%, significantly outperforming its yellow counterpart. Besides trade wars, inflation fears, geopolitical tensions in the Europe and West Asia have significantly contributed to the price hike, necessitating monetary policy shifts.
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Weakening US dollar, and strong buying from central banks and investors seeking safe-haven assets are also some of the factors that led to the price rise.
