Gold price touches a new high of Rs.59,000 per sovereign

Gold price in Chennai touched an all time high of Rs.59,000 per sovereign today with an increase of Rs 480. 
It rose by Rs 60 per gram to Rs 7,375 per gram and Rs.480 per sovereign. 
According to the international economic situation, the price of gold in India fluctuates from time to time and is selling higher and lower. Last July, the central government reduced the import duty on gold in its budget. Gold fell to Rs 2,200 per pawn in one day. After that the price rose steeply. 
However,  due to Diwali the price of jewelery gold has reached its peak.