Gold price sets new record, touches ₹76,960 per sovereign

Kochi: The price of gold has risen by ₹1,200 per sovereign (pavan), reaching ₹76,960. The rate per gram has increased by ₹150, touching ₹9,620.

The primary reason for the surge in gold prices is the decline in the exchange rate of the Indian Rupee against the US Dollar. The rupee is currently valued at ₹88.30 per dollar.

An increase in global investment in gold has also contributed to the price hike. To purchase one sovereign of gold, including the minimum making charges and GST, one has to pay ₹83,500.

On Friday, the gold price rallied ₹2,100 to hit a fresh all-time high of ₹1,03,670 per 10 grams in Delhi. According to the All India Sarafa Association, persistent buying by stockists and depreciation in the rupee led to the surge. 

According to a PTI report, the precious metal of 99.9 per cent purity had closed at Rs 1,01,570 per 10 grams on Thursday.

Continuing the upside momentum for the fourth straight session, gold of 99.5 per cent purity surged ₹2,100 to hit a new lifetime high of ₹1,03,100 per 10 grams (inclusive of all taxes) on Friday, a day after settling at ₹1,01,000 per 10 grams.

Gold of 99.9 and 99.5 per cent purity had recorded their lifetime highs of ₹1,03,420 and ₹1,03,000 per 10 grams, respectively, on August 8, when the prices went up by ₹800 per 10 grams. This was on the heels of a steep gain of ₹3,600 per 10 grams in the preceding session on August 7. 

Meanwhile, silver prices retreated from its all-time high level and declined ₹1,000 to ₹1,19,000 per kilogram (inclusive of all taxes) on Friday. The white metal had finished at ₹1,20,000 per kg on Thursday.