Thiruvananthapuram: Gold prices recorded a dramatic surge on Wednesday following the increase in import duty to 15 percent, triggering sharp reactions in the jewellery market across India. The sudden hike pushed gold rates to record highs within hours.

According to market reports, the price of one sovereign (8 grams) increased by more than Rs 10,000 in a single day, creating concern among buyers and traders alike. Jewellery shops witnessed uncertainty as customers postponed purchases expecting further fluctuations in rates.

Experts say the steep rise is mainly linked to the revised import duty and global market trends, with fears that gold prices may remain volatile in the coming days. The unexpected jump has also intensified discussions over its impact on weddings, investments, and the overall jewellery sector.

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