Rs.10,000 rise in gold rate in 6-day interval with industry expecting further rise in price.
Coimbatore: The cost of one sovereign of gold in Coimbatore is presently at Rs.41,000 as of April 13. Industry sources expect prices to go up further.
The rise in the price of gold in the recent past has caused a lot of concern for customers. Muthu Venkataram, President of the Coimbatore Gold Jewellers Association said that the ongoing war between Russia and Ukraine was the main reason for the rise in gold prices.
"Russia has started buying gold in large quantities due to the fall in the value of currency notes. The value of the currency may decrease, but the value of gold will never decrease. Therefore, the price of gold in the world market is constantly increasing due to the fact that the country is buying and accumulating a lot of gold. In Coimbatore, the rate of one sovereign of gold is being sold at Rs.40,992 as of April 13," stated Muthu Venkataram.
Adding that there was no possibility of a fall in the price of gold in the days ahead, he added that price of gold is likely to go up further and further. Experts in the industry have predicted that the price of a sovereign of gold will rise to Rs.55,000 soon. Gold jewellery sales in Coimbatore have been severely hit due to rising gold prices," lamented Muthu Venkataram.
Price list of one sovereign (8 grams) of gold sold in Coimbatore district in recent days:
April 7: Rs.39,888
April 8: Rs.40,040
April 10: Rs.40,344
April 11: Rs.40,512
April 12: Rs.40,632
April 13: Rs.40,992
The rise in the price of gold in the recent past has caused a lot of concern for customers. Muthu Venkataram, President of the Coimbatore Gold Jewellers Association said that the ongoing war between Russia and Ukraine was the main reason for the rise in gold prices.
"Russia has started buying gold in large quantities due to the fall in the value of currency notes. The value of the currency may decrease, but the value of gold will never decrease. Therefore, the price of gold in the world market is constantly increasing due to the fact that the country is buying and accumulating a lot of gold. In Coimbatore, the rate of one sovereign of gold is being sold at Rs.40,992 as of April 13," stated Muthu Venkataram.
Adding that there was no possibility of a fall in the price of gold in the days ahead, he added that price of gold is likely to go up further and further. Experts in the industry have predicted that the price of a sovereign of gold will rise to Rs.55,000 soon. Gold jewellery sales in Coimbatore have been severely hit due to rising gold prices," lamented Muthu Venkataram.
Price list of one sovereign (8 grams) of gold sold in Coimbatore district in recent days:
April 7: Rs.39,888
April 8: Rs.40,040
April 10: Rs.40,344
April 11: Rs.40,512
April 12: Rs.40,632
April 13: Rs.40,992