Gold prices increase rapidly GOLD PRICES BECOME HIGHLY VOLATILE

• On April 17, gold prices in the world market reached its highest level with one ounce of gold soaring up to US $ 3,345 or Rs. 999972.
• As of April 18the price of one sovereign of 24 carat gold decreased to Rs. 255,825 and one ounce decreased to Rs. 994,523.

By HUZEFA ALIASGER

On April 17, gold prices in the world market reached its highest level in history with one ounce of gold soaring upto USD 3,345 or Rs. 9,99,972, and the price of one sovereign (eight grams) of 24 carat gold reaching at Rs. 262,000 rising by Rs. 22,000 in just one day.

As of April 18, the price of one sovereign of 24 carat gold decreased to Rs. 255,825 and one ounce decreased to Rs. 994,523 showing high volatility in the market for gold and the unstable fluctuations in the market for gold currently. The Assistant Director of the Precious Metal Assaying and Hallmarking Office of the National Gem & Jewellery Authority (NGJA), Indika Bandara, said that following the tariff announcement made by U.S. President Donald Trump, the price of gold in the global market has surged to a new high.

Indika further stated that the factors influencing the rise in global gold prices include the decline in the value of the US Dollar, investors turning to gold as a safe haven, and the escalating trade war between the US and China