Gold prices rose by Rs 240 on December 24 (Wednesday), a day after a Rs 1,600 increase. Now, an 8-gram sovereign costs Rs 1,02,400, and a gram of gold is Rs 12,800, marking the highest level this year.
The previous yearly high was on December 15, when a sovereign was Rs 1,00,120 (Rs 12,515 per gram).
The gold price rise follows a rate cut by the US Federal Reserve, which also signalled further easing next year. This weakened the US dollar, increasing global demand for safe-haven assets like gold. A record-low rupee also supported higher domestic prices.
From January 1, when gold was Rs 57,200 per sovereign (Rs 7,150 per gram), prices have jumped to Rs 1,02,400 per sovereign on December 24 — an increase of Rs 45,200, or about 79%.
Meanwhile, silver prices also went up by Rs 10, reaching a record Rs 244 per gram (Rs 2,44,000 per kg) on December 24.