Kerala Sees Highest Ever Gold Rates.
The price of gold continues to skyrocket in Kerala with rates reaching an all-time high. According to the latest updates, the 22-carat gold rate has increased by Rs 65 per gram to Rs 7,440 and by Rs 520 to Rs 59, 520 per sovereign (8-gram). 18-carat gold has increased by Rs 55 to Rs 6,130 per gram, while silver bullion costs Rs 106, up by Rs 1.
The surge in gold prices is attributed to the global market where gold rates have increased by $25. The upcoming US presidential election is also expected to push prices higher and the predictions suggest gold prices may breach the $2800 mark by November 5, 2024.
On October 29, the price of gold jumped significantly with an increase of Rs 60 per gram and Rs 480 per sovereign, making the gold rate Rs 7,375 for a gram.
Now, the new gold rate has broken previous records reaching Rs 59,520 per sovereign. This surge is also reflected in the Multi Commodity Exchange (MCX), where 10 grams of gold are now priced at Rs 79,452 in Kerala.
This marks an all-time high for gold prices in India’s domestic market and Investors and consumers are advised to keep an eye on market trends for further fluctuations.
Also, read| | Gold Price Leap Continues: Reaches Rs 5,8880 Per Sovereign On Saturday
It was said that the surge could be due to the unpredictability of the Israel-Iran conflict and the escalating West Asian tensions this weekend. Other factors contributing to the spike are the US elections and the Israeli attack on Iran which reportedly triggered the safe-haven demand.
Since it’s the Dhanteras and Diwali festivals in India, buying gold is considered auspicious and people are confronting financial struggles buying gold due to this unprecedented surge in gold prices.
Gold and silver prices fluctuate due to various factors including global demand, currency values, interest rates and government regulations. Global events, such as economic changes and the strength of the US dollar also impact prices. However, if the global uncertainty and market fluctuation continue, the gold price is expected to rise further in the days to come.
Also, read| Gold Prices Continue To Soar, Set New Record High Today
