Gold price hits all-time high of Rs 50,400 in Kerala

Representative image: Kondor83/iStock

Kochi: For the first time in history, gold prices crossed Rs 50,000 in Kerala amid strong trends in the international markets. On Friday, the price of the yellow metal rose by Rs 10,40 and touched Rs 50,400 per 10 grams. The precious metal was jumped by Rs 130 to reach Rs 6,300 per one gram.

According to traders, gold prices are likely to go up as people across the globe have started to purchase it as a safe investment. 

On March 1, the gold price was recorded at Rs 46,320 per sovereign in the state. This was the lowest rate marked in this month.

In Delhi, gold price climbed to Rs 67,350 per 10 grams on Thursday.

Silver also jumped Rs 200 to Rs 77,450 per kg. In the previous close, it had ended at Rs 77,250 per kg.

"Gold prices advanced on Thursday before the outcome of crucial US macro data. Spot gold prices (24 carats) in the Delhi markets are trading at Rs 67,350 per 10 grams, up by Rs 350 taking positive global cues," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at USD 2,194 per ounce, up by USD 14 from the previous close.

"Gold prices were trading higher amidst positive sentiment regarding interest rates, but the rise in the dollar index could exert pressure on the yellow metal prices.

"Strong resistance is observed around the USD 2,200-2,215 range," Jateen Trivedi, VP Research Analyst at LKP Securities, said.

Silver was also marginally higher at USD 24.55 per ounce. In the previous trade, it had finished at USD 24.50 per ounce.

(With PTI inputs)

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