Mumbai: Gold prices continued their sharp upward journey on Tuesday, crossing the one lakh mark per sovereign and setting new records in the domestic market. In Kerala, the price of one sovereign of gold, which equals eight grams, rose to around ₹1,01,600, marking a steep increase of ₹1,760 in a single day.
With this rise, the price of gold per gram touched nearly ₹12,700 in local markets. Jewellers said the surge has made gold purchases more expensive, especially during the wedding season, even as demand remains steady.
Market experts attribute the sharp rise to strong international trends. Gold prices in global markets have climbed to record levels as investors turn to the precious metal as a safe option amid economic uncertainty, geopolitical tensions, and expectations of interest rate cuts by major central banks.
Recent market data show that gold prices have continued to remain elevated across India. On Tuesday, 24 carat gold was trading at around ₹1,38,000 per 10 grams, while 22 carat gold was priced close to ₹1,26,600 per 10 grams in major markets. This confirms that gold prices are now consistently staying well above the one lakh mark for a sovereign.
Traders say fluctuations in the rupee and steady investment demand are also adding pressure on domestic prices. While some buyers are delaying purchases hoping for a correction, others continue to invest in gold, viewing it as a long term store of value during uncertain times.
Jewellery associations have advised customers to plan purchases carefully as prices are expected to remain volatile in the coming days, closely tracking global market movements.