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Business EconomyPosted at: Jul 31 2020 9:12PM


Gold price touches Rs 40,000 per sovereign, Rs 5,000 per gram

Kochi, Jul 31 (UNI) The price of gold sky-rocketed for the ninth day in a row and set an all-time record of Rs 40,000 per sovereign and Rs 5,000 per gram on Friday.
The price of one sovereign of gold increased by Rs 280. The price had increased Rs 320 per sovereign on Thursday and reached Rs 39,720. The price of one troy ounce (31.1 gram) of pure gold is $ 1,958.99 in the international market.
Investors trusted gold as a safe investment during the global economic crisis following the COVID-19 outbreak.
The price of pure gold reached Rs 53,216 per 10 grams in the national market. Silver price also rose by Rs 856 per kilogram and touched Rs 63,355 for one kilogram.
On Wednesday, the price of one sovereign of gold rose by Rs 200 and touched Rs 39,400. One gram of gold costs Rs 4925. On Tuesday, the gold price increased by Rs 600.
On July 28, 2019, gold price was at Rs 25,760 per sovereign. The price hike in the international market is reflected in the domestic market as well.
The major reason for the continuous price hike of gold is the uncertainty in other markets resulting from COVID-19 crisis. Besides, the issues between US and China influence the price of gold.
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Tags: #Gold price touches Rs 40#000 per sovereign# Rs 5#000 per gram
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