Gold price in Kerala skyrockets by ₹2,000 per sovereign in single-day surge
US President Donald Trump's decision to impose tariffs on foreign-made films drove investors to turn to gold, impacting the domestic gold price.
US President Donald Trump's decision to impose tariffs on foreign-made films drove investors to turn to gold, impacting the domestic gold price.
US President Donald Trump's decision to impose tariffs on foreign-made films drove investors to turn to gold, impacting the domestic gold price.
Gold prices in Kerala saw a sharp single-day rise on Tuesday, with the price of a sovereign jumping by ₹2,000 as global market conditions pushed up domestic rates. The price of a gram of gold rose by ₹250, bringing it to ₹9,025, while a sovereign now costs ₹72,200.
Gold prices had remained steady in the state over the past few days, with a gram priced at ₹8,775 and a sovereign at ₹70,200. However, global markets were thrown into fresh uncertainty on Monday after US President Donald Trump imposed a 100 per cent tariff on films made outside the US — signalling that the businessman-turned-politician has no intention of backing down from his trade war.
Trump's move prompted investors to shift towards safe haven assets, with gold emerging as a preferred hedge against market volatility. Meanwhile, the US Federal Reserve is expected to hold interest rates steady in its upcoming policy meeting, with further cuts anticipated later this year — a trend that continues to support bullish sentiment for gold.
Backed by these trends, international gold prices surged to a two-week high of $3,357.63 an ounce on Tuesday. Silver prices also rose, with an ounce costing $33.05, according to Reuters.
Silver prices in Kerala climbed by ₹2 to ₹108. Meanwhile, the price of a gram of 18-karat gold in the state stands at ₹7,460, according to the All Kerala Gold and Silver Merchants Association.
Gold prices in Kerala had hit a record high on April 22, with a sovereign priced at ₹74,320. The rate later eased and remained steady in the ₹71,000–72,000 range during the week of Akshaya Tritiya.