KOCHI: The price of gold is bracing to cross another psychological barrier of Rs 3,500 per gm in spot markets across Kerala tracking, mainly global cues driven by safe-haven demand from investors.
The marriage season beginning in the state from August 17, as per the Malayalam calendar the auspicious month of Chingam, is also expected to shore up sentiments for the yellow metal, say gold retailers here.
The price of gold in spot markets across the state on Tuesday was Rs 3,475 per gm, up from Rs 3,435 from the previous day.
The price per sovereign (8 gm) moved up to Rs 27,800, up Rs 320 from the previous closure.
The price moved up by more than 20 per cent in the past year in the state. In August 2018, the average price per gm was Rs 22,000 in spot markets. The lowest price for gold recorded during the last years in the state was Rs 18,720 per sovereign on August 6, 2015.
Agency reports indicate the firm trend for the yellow metal is expected to continue in coming days tracking the stand-off in trade relations between the US and China, growing protests in Hong Kong and another cut in US interest rates in September.
The price in the global market stayed at $ 1,515.21 per ounce, a six-year high, on Tuesday, mainly driven by safe-haven investments.
