The price of gold hit an all-time high of Rs 43,040 per sovereign on Friday in Kerala, marking a hike of Rs 2,320 within a week. The price for a gram of gold is at Rs 5380. The gold price was Rs 40,720 per sovereign on March 9.
The steep increase in the gold price was caused by the full-blown crisis reported at Credit Suisse after the collapse of Silicon Valley Bank in the US. The European Central Bank had announced a price hike of gold in its sixth policy meeting also.
The precious metals are trading on the higher side of the Multi Commodity Exchange (MCX) on Friday. 10 grams of 24 carat gold costs Rs 58,277. A similar hike has been recorded in the price of silver too.
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