Kochi: The price of gold in Kerala touched a record high for the 11th consecutive day on Saturday. It increased by Rs 160 for a sovereign and Rs 20 per gramme.
A sovereign of gold now costs Rs 40,160 in Kerala, while you will have to shell out Rs 5,020 per gramme.
The price of a troy ounce in the international market crossed $1,975, an increase of $200 in a month. If this current price trend continues, then it will cross $2,000 by the beginning of next week.
The demand for gold has been increasing as the COVID crisis continues and due to the weakening of the dollar. Big investors are stocking up gold as they seek a safe haven amid the economic uncertainties caused by COVID.
In Kerala, the price is likely to cross Rs 50,000 per sovereign by the end of the year, said S Abdul Nasser, treasurer of the All Kerala Gold and Silver Merchants' Association and national director of the All India Gem and Jewellery Domestic Council.
The price of a sovereign of gold increased by Rs 3,400 in 11 days till Saturday, while that of a gramme increased by Rs425.
This year alone, a sovereign has become dearer by Rs 11,160.