Kochi: Gold prices in Kerala have skyrocketed to an unprecedented all-time high on Wednesday, creating a shockwave across the market. The price for a sovereign (pavan) of 22-carat gold surged by ₹880 in a single day, reaching a historic milestone of ₹87,000 for the first time ever.
This record-breaking price puts the cost of one gram of 22-carat gold at ₹10,875. For consumers, the actual cost of purchasing jewellery is significantly higher. After including GST, making charges, and hallmarking fees, a one-sovereign gold ornament is expected to cost upwards of ₹94,000.
The surge is not limited to gold. Silver prices have also hit a new peak, crossing the ₹150 mark for the first time in history to trade at ₹153 per gram. Market analysts suggest that silver prices are likely to continue their upward trend in the coming days.
The market has been extremely volatile, with yesterday’s trade seeing a steep morning hike of ₹920 per sovereign, followed by an evening drop of ₹640. This volatility is primarily influenced by international market rates, import duties, fluctuating currency exchange rates, and local taxes.
This sharp increase in gold prices has cast a shadow over the state’s vibrant wedding market, causing a crisis for families planning to purchase gold for upcoming ceremonies. Market forecasts indicate that the upward trend may continue, with predictions that the price per gram could reach ₹12,000 by the Diwali season.
Today’s Rate Card (per gram):
- 22 Carat Gold: ₹10,875
- 18 Carat Gold: ₹8,940
- 14 Carat Gold: ₹6,960
- Silver: ₹153
