Gold Prices Soar To New Highs: Rs 59,000 Per Sovereign.

Gold prices continued skyrocketing again on October 29 (today) as the price of gold jumped significantly with an increase of Rs 60 per gram and Rs 480 per sovereign. Now the gold rate is Rs 7,375 for a gram. The new gold rate has broken previous records reaching Rs 59,00 per sovereign. This surge is also reflected in the Multi Commodity Exchange (MCX), where 10 grams of gold are now priced at Rs 79,110 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.

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 festival in India, buying gold is considered auspicious and people are confronting financial struggles buying gold due to this unprecedented surge in gold prices.

Also, read| Gold Prices Continue To Soar, Set New Record High Today

As per Saturday’s market, October 26, Rs 64 has been raised per gram of gold while Rs 520 increased per sovereign. The gold price reached Rs 5,8880 per sovereign, surpassing the previous records and now it reached Rs 59,000 touching new heights. The Multi Commodity Exchange (MCX) also reflected this surge with 10 grams of gold priced at Rs 7,976.30, on Saturday. 

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 Price Leap Continues: Reaches Rs 5,8880 Per Sovereign On Saturday