Gold prices hit new record, touch Rs 40,000

Gold prices hit new record, touch Rs 40,000

Kochi: Gold prices in Kerala have touched a record high of Rs 40,000 per sovereign.

The price increased by Rs 280 per sovereign and Rs 35 per gram on Friday; a gram cost Rs 5,000.

A sovereign of gold ornament now requires at least Rs 45,000, which includes labour charges and taxes.

Gold prices have been rising as global investors turn to the safe haven amid the market slowdown caused by COVID, the weakening of the dollar and the US-China conflict.

In the international market, the price of a troy ounce (31.1 grams) of gold increased by $180 in July alone. The price was $1970 on Friday. The Indian bullion price for 10 grams crossed Rs 53,200. Silver also rose by Rs 70 per gram.

Prices up by Rs 11,000 in 7 months

The price of a sovereign of gold was Rs 29,000 on January 1. It has increased by Rs 11,000 in just seven months; also, it rose by Rs 3,240 in just 11 days from July 21.

The price had touched Rs 20,000 per sovereign in August 2011. It took nine years for the price to touch Rs 30,000 earlier this year on January 8. However, the journey from Rs 30,000 to Rs 40,000 has taken only seven months.

When a sovereign cost Rs 13

In March 1925, a sovereign cost Rs 13. By 1975, the price rose to close to Rs 400. It touched Rs 1,000 in the early eighties and crossed Rs 1,500 in 1984.

In 2008, the price touched Rs 10,000. It crossed Rs 20,000 in 2011. In 2020, the price breached both the Rs 30,000 and Rs 40,000 marks.

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