Gold Prices Drop in Chennai After Continuous Surge — Rs. 640 Decrease per Sovereign
After witnessing a continuous surge in recent weeks - with gold prices even increasing twice in a single day - the price of gold ornaments has now dropped by Rs. 640 per sovereign.
Gold has long been considered one of the primary forms of savings for both upper and middle-class families. Many people, even those unable to buy large quantities, invest monthly through gold savings schemes and jewelry certificates.
Since the beginning of this year, global factors such as trade tensions and rising gold investments by various countries have pushed prices upward consistently. Over the past two months alone, the price of gold per sovereign has surged by more than Rs. 20,000, leaving consumers shocked.
In recent weeks, prices have been fluctuating rapidly - sometimes rising twice a day. On October 17, a sovereign of 22-carat gold ornaments hit an all-time high of Rs. 97,600. Analysts even predicted that prices might soon cross the Rs. 1 lakh mark. However, in a surprising turn, gold prices have declined over the past two days.
On Saturday (Oct. 18), a sovereign of 22-carat gold was sold for Rs. 95,600, and today it has dropped further to Rs. 95,360, marking a Rs. 640 decrease per sovereign. Similarly, the price per gram has fallen from Rs. 11,950 to Rs. 11,920, a reduction of Rs. 30 per gram.
Despite this short-term dip, market experts continue to predict that gold prices may soon touch Rs. 1.5 lakh per sovereign, driven by global market trends and strong investment demand.
Silver Prices Steady
There has been no change in silver prices.
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Silver (1 gram): Rs. 190
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Silver (1 kilogram): Rs. 1,90,000
Current Gold and Silver Rates in Chennai
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Jewelry Gold (22 Carat) 1 Gram: Rs. 11,920
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Jewelry Gold (22 Carat) 1 Sovereign: Rs. 95,360
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Silver 1 Gram: Rs. 190
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Silver 1 Kilogram: Rs. 1,90,000
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