Kochi: Gold prices in Kerala witnessed a sharp spike on Monday, surging by ₹800 in a single day and crossing the ₹99,000 mark per sovereign, reigniting market speculation over an imminent breach of the ₹1 lakh level.
With the latest hike, the price of one sovereign (8 grams) rose to ₹99,200, edging closer to the all-time high of ₹99,280, recorded earlier this month. After remaining stable on Saturday, prices climbed sharply today, with the per gram rate rising by ₹100 to ₹12,400.
At the beginning of the month, gold was priced at ₹95,680 per sovereign. Prices then dipped to the month’s lowest level of ₹94,920 on the 9th, before staging a steady rebound in the days that followed.
Market analysts attribute the surge to a combination of global and domestic factors, including the Indian rupee sliding to a record low against the US dollar, a cut in key interest rates by the US Federal Reserve, and continued volatility in equity markets. Traders point out that once making charges and taxes are added, the effective cost of gold in Kerala has already crossed ₹1 lakh, intensifying concerns among buyers and boosting interest among investors seeking a safe haven.
