Gold prices in the local market have recorded a significant increase, in line with a sharp rise in global gold rates, according to market traders.
They noted that the price of a gold sovereign (pavun) has gone up by approximately Rs. 12,000 over the past few days. At present, a 24-carat gold sovereign is trading at around Rs. 397,000, while the 22-carat equivalent is priced at about Rs. 362,200.
Meanwhile, international gold prices have crossed the USD 5,000 per ounce threshold. Economic analysts suggest the upward trend could continue, with global gold prices potentially climbing beyond USD 5,500 per ounce before the end of the year.
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