Kochi: Gold price in the state is at an all-time record. Today was the biggest one-day increase. Pawan’s price increased by Rs 1,200 to Rs 44,240. It rose by Rs 150 to Rs 5530 per gram.
The price of gold increased last day. Pawan has increased by 200 rupees. 25 per gram and Rs. Gold prices hit an all-time record on the MCX exchange as well. 59,461 per 10 grams increased to Rs. Spot gold rose to $1,988.50 an ounce. This week spot gold price has recorded an increase of 6.48 percent.
The rise in gold prices is attributed to the indications that the United States and some European countries are headed for economic recession. Experts believe that the collapse of Silicon Valley, Signature and Silver Gate banks in the US is also driving people to view gold as a safe haven investment.
The economic recession of 2008 caused a huge jump in gold prices. The price of gold jumped from $700 per troy ounce to $1,900 in 2011. In 2011, the price of gold rose to Rs 3,030 per gram and the price of gold rose to Rs 24,240.