Will gold prices fall below Rs 1 lakh? check today's rates

THIRUVANANTHAPURAM: Gold prices in Kerala rose today after falling steadily last week. The price of gold increased by Rs 15 per gram to Rs 13,085. The price of one sovereign rose by Rs 120 to Rs 1,04,680. The increase over the past two working days comes amid expectations that gold prices could soon fall below Rs 1 lakh per sovereign. A slight recovery in international gold prices has also contributed to the rise in Kerala.

Meanwhile, global crude oil prices are moving towards $120 per barrel as tensions in West Asia intensify. Disruptions to shipping through the Strait of Hormuz and threats of attacks on oil production facilities have heightened concerns over global supplies. The US Federal Reserve's monetary policy meeting scheduled for October 27 and 28 will also influence market movements.

Last week, Brent crude prices rose by around 7 per cent to close at $117.38 per barrel. US crude benchmark West Texas Intermediate (WTI) gained 4.3 per cent to settle at $103.27 per barrel. In India, November crude oil futures on the Multi Commodity Exchange (MCX) rose by 4.32 per cent to Rs 9,800 per barrel.

The sharp rise in crude oil prices could increase India's import bill and put pressure on the rupee, inflation and corporate profitability. Experts say oil prices could also fall sharply if there are signs of a de-escalation in the conflict.

Silver prices

Silver prices remained unchanged in Kerala today. The price stood at Rs 220 per gram, Rs 2,200 for 10 grams and Rs 22,000 for 100 grams.