Gold Price Soars Again in Chennai: 22-Carat Gold Hits ₹95,200 Per Sovereign
Gold prices in Chennai continue to surge, creating concern among jewelry buyers ahead of the festive season. The price of 22-carat gold ornaments has increased by ₹320 per sovereign today, reaching a record ₹95,200 per sovereign. Accordingly, one gram of gold is priced at ₹11,900.
Continuous Rise Since Early This Year
Gold prices have been rising erratically since the beginning of this year, causing uncertainty among consumers. Although prices dipped slightly at times, they have frequently rebounded to new highs. The recent steady climb over the past few weeks has once again surprised jewelry lovers.
At the beginning of last month, the price of sovereign gold was around ₹73,000. It gradually increased, crossing ₹75,000 on August 6, then reaching ₹75,200 on August 7, and further climbing to ₹75,760 the following day. This persistent upward trend has left buyers anxious about further increases.
Recent Price Movements
Gold prices saw minor fluctuations last week. On Monday, prices fell slightly, followed by a ₹640 drop on Tuesday. By Wednesday, the 22-carat gold rate in Chennai fell by ₹40 per sovereign, settling at ₹84,320. However, it began rising again from Thursday, continuing the upward trend through yesterday and today.
Currently, the 22-carat gold is being sold at ₹11,900 per gram and ₹95,200 per sovereign.
- 24-carat gold is priced at ₹12,982 per gram and ₹1,03,856 per sovereign.
- 18-carat gold stands at ₹9,830 per gram and ₹78,640 per sovereign.
Silver Prices Also Up
Meanwhile, silver prices in Chennai have also risen, with one gram priced at ₹206 and one kilogram at ₹2,06,000.
The continuous surge in both gold and silver prices has taken traders and jewelry buyers by surprise, especially as demand rises ahead of Deepavali. Many consumers are now closely monitoring the market in hopes of a correction before the festival.
