Gold prices in the state surged yet again today, moving a step closer to the coveted ₹1 lakh mark. The price of a sovereign (pavan) rose by ₹600, setting a new all-time high of ₹98,800.
On a per-gram basis, gold became costlier by ₹75, pushing the rate to ₹12,350 per gram. Eighteen-carat gold also witnessed a sharp rise, increasing by ₹60 per gram to settle at ₹10,215.
Market experts attribute the sharp rally to a combination of global and domestic factors. The rupee’s slide to a record low against the US dollar, coupled with a cut in benchmark interest rates by the US Federal Reserve, has strengthened gold’s appeal as a safe-haven asset.
In the international market, gold prices climbed by $26 per ounce, taking the global rate to $4,326 an ounce.
With making charges added, the effective cost of a sovereign has already crossed the ₹1 lakh threshold, intensifying anticipation over when the official rate will breach that psychological barrier. Meanwhile, silver prices in the state remained steady at ₹200 per gram.
