Gold prices surged sharply in the city on Tuesday, with the cost of the yellow metal increasing by ₹840 per sovereign.
One sovereign (8 grams) of gold is now priced at ₹72,160, while the rate per gram stands at ₹9,020.
This marks a significant rise compared to Monday’s (June 30) rate of ₹71,320 per sovereign, when gold had dipped by ₹120. The recent fluctuation is part of a broader trend in the gold market, which has seen frequent ups and downs throughout the year.
Looking back, on February 5, gold was priced at ₹63,240 per sovereign. It climbed to ₹64,000 shortly after, before dropping again to ₹63,520 by February 12. The volatility continued, with prices rising to ₹66,400 on March 14—an increase of ₹1,440 in a single day.
On April 22, gold hit a record high of ₹74,320 per sovereign, reflecting a sharp ₹2,200 jump from the previous day, the steepest single-day rise this year.
Despite the recent dip from April’s peak, the current rate of ₹72,160 per sovereign reflects continued strength in the market, likely influenced by global economic trends, investor sentiment, and currency fluctuations.
Meanwhile, silver prices have also witnessed a slight increase, climbing by ₹1 per gram. Silver is now being sold at ₹120 per gram. Market analysts suggest both gold and silver could remain volatile in the coming weeks due to international economic cues and local demand.