Gold Price Surges by Rs 3,160 Per Sovereign, Hits August High

Thiruvananthapuram: People waiting to buy gold have been hit by a sharp price rise on Thursday, with the price of one sovereign increasing by Rs 3,160 in a single day. Gold has now reached its highest level in August. The price of one sovereign of gold stands at Rs 1,16,800 today. GST and making charges will be added to this amount.

The price per gram has also increased proportionately. Gold rose by Rs 395 per gram today, taking the price of one gram to Rs 14,600.

Silver prices have also increased today. The price of one gram of silver stands at Rs 260, while 10 grams costs Rs 2,600.

Movements in the global market influenced gold prices today. The price of gold had declined by Rs 85 per gram yesterday. Demand for gold is currently high with the Onam and wedding seasons underway. The sharp increase of more than Rs 3,000 in the price of a sovereign comes amid this heightened demand.

India is the world's largest importer of gold, making domestic prices sensitive even to small fluctuations in the international market. The recent escalation in the West Asia following the end of the MoU between the US and Iran calling for an end to the conflict between the countries serves as one of the important factors that influenced gold prices.