Gold prices in Kerala rose on Monday to the highest in July this year to ₹73,240 per sovereign, registering an increase of ₹120 compared to the rate on Sunday. The lowest recorded rate this month was on July 9, when the price was ₹72,000 per sovereign. Silver prices in the state also increased by ₹2 per gram to ₹125. 

The price hike comes amid global market jitters following US President Donald Trump's renewed tariff threats against the European Union and Mexico. Domestic gold rates responded with a ₹15 increase per gram, now priced at ₹9,155, according to the All Kerala Gold and Silver Merchants' Association, which determines the gold prices in the state according to changes in global markets. 

Donald Trump has threatened to impose a 30 per cent tariff on imports from the European Union and Mexico starting August 1. The move drew sharp criticism, with both the EU and Mexico calling the decision unfair and vowing to retaliate, deepening market uncertainty.

This situation has led investors to turn to gold, which is considered a safe-haven asset during periods of economic and geopolitical instability, helping ht prices to go up in global markets.

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The price in international markets rose to a three-week high of $3,354.83 per ounce, according to Reuters. Silver rates also increased by 1.2 per cent to $38.82 per ounce.

The silver prices in Kerala also felt the tremors as it rose by ₹2 to ₹125 per gram. The rate of 18 karat of gold also increased to ₹7,540 per gram, according to AKGSMA. 

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