Gold price surges past Rs 52,000 in Kerala

Kochi: Gold prices have crossed Rs 52,000 again in the state after a recent lull. On Tuesday, the price of gold rose by Rs 760 to Rs 52,520 per sovereign (8 grams), and by Rs 95 to Rs 6,565 per gram. This marks the highest price since the import duty on gold was reduced in the Union Budget.

On Monday, gold was priced at Rs 51,760 per sovereign and Rs 6,470 per gram. Following the Union Budget’s import duty cut on July 17, gold prices had dropped from Rs 55,000 to Rs 50,400 in just a few days. However, prices have since rebounded to Rs 52,520 within 18 days.

The recent surge is partly due to international market conditions. The ongoing conflict between Israel and Iran has contributed to the rise in gold prices, as investors often turn to gold as a safe investment during times of crisis. Gold has been trading at USD 2,467 per troy ounce (31.1 grams) globally.

If the situation continues, prices are expected to climb further, heightening concerns amid the approaching wedding and festival seasons. Many are considering advance purchases to avoid future price hikes.