The price of gold has been escalating and declining in the past few days, but the recent steep increase of gold price at ₹.37,000 per sovereign has shocked the public.
Coimbatore: The gold price per sovereign is currently at ₹.37000 with experts citing Indian Rupee value depreciation as being the major reason for the steep hike.
Gold rates have been fluctuating and the price of gold per soveriegn had risen to ₹.42,000, a record-breaking price hike. Subsequently, gold prices depreciated over the past few months and a sovereign of gold was priced at ₹.36,000.
But the price of gold has once again surged leaving people disappointed, especially ahead of the festive season. Gold sale has reportedly touched ₹.60 crore daily in Coimbatore, in September due to the wedding season. However, the price has gone up to ₹.37,000 in October, with experts warning that prices will go up further, much to the shock of the people.
Muthu Venkatram, President of the Coimbatore Gold Jewellery Manufacturers Association, said, "The fall in the value of the Indian rupee is the main reason why the price of gold has now crossed Rs. 37,000 per sovereign. Gold prices will rise further in the coming days. As far as Coimbatore is concerned, the gold jewellery business will increase only after Diwali festival is over. But in the present scenario, the exponential price rise in gold will have an impact on the gold jewellery business in the coming days."
Price list of one sovereign (8 grams) of gold found in Coimbatore market for the past few days
October 19: Rs 36,720
October 20: Rs 36,656
October 21: Rs 36,768
October 23: Rs 36,976
October 24: Market Holidays
October 25: Rs 37,104
Gold rates have been fluctuating and the price of gold per soveriegn had risen to ₹.42,000, a record-breaking price hike. Subsequently, gold prices depreciated over the past few months and a sovereign of gold was priced at ₹.36,000.
But the price of gold has once again surged leaving people disappointed, especially ahead of the festive season. Gold sale has reportedly touched ₹.60 crore daily in Coimbatore, in September due to the wedding season. However, the price has gone up to ₹.37,000 in October, with experts warning that prices will go up further, much to the shock of the people.
Muthu Venkatram, President of the Coimbatore Gold Jewellery Manufacturers Association, said, "The fall in the value of the Indian rupee is the main reason why the price of gold has now crossed Rs. 37,000 per sovereign. Gold prices will rise further in the coming days. As far as Coimbatore is concerned, the gold jewellery business will increase only after Diwali festival is over. But in the present scenario, the exponential price rise in gold will have an impact on the gold jewellery business in the coming days."
Price list of one sovereign (8 grams) of gold found in Coimbatore market for the past few days
October 19: Rs 36,720
October 20: Rs 36,656
October 21: Rs 36,768
October 23: Rs 36,976
October 24: Market Holidays
October 25: Rs 37,104