With the price of one gram of gold reaching Rs 3020, gold prices crossed the Rs 24,000 mark on Friday to create history. The price of one sovereign of gold in the Kerala market reached Rs 24,160. There had been a rise of Rs 280 per sovereign which set the new rate.
The prices went north taking cue from global bullion market. The hike in the price of gold in the global economy and the practice of merchants hoarding gold as an investment also added to the cause of the price hike.
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