Gold price at all-time high; Rs 35,680 per sovereign
The price of gold touched the highest ever in the state on Monday. Gold price rose by Rs 160 on Monday and touched an all-time high of Rs 35,680 per sovereign. One gram of gold costs Rs 4460.
The price of gold increased twice on Saturday. It was Rs 35,400 in the morning and rose to Rs 35,520 by evening. When making charge, tax and cess are added to this rate, a customer has to spend at least Rs 39,000 for buying an ornament of one sovereign.
The India-China border standoff and the depreciation of rupee resulted in the hike in gold price. The investors purchased gold in large quantities as a safe investment after other markets were dull due to the COVID crisis. This also caused skyrocketing of gold price.
China and India are in the first two spots in gold consumption in the world. As there are very few gold mines in India, majority of the requirement is fulfilled through importing.
The gold price in the state increased by Rs 6560 per sovereign this year alone. On January 1, the price of one sovereign was Rs 29,000 and price of one gram of gold was Rs 3625 only.