Chennai Gold Rate Today (November 2, 2026): Gold Rises by ₹360 Per Sovereign; Will Prices Fall Below ₹1 Lakh?

Gold prices in Chennai have increased again after remaining unchanged on Sunday. Today (November 2, 2026), the price of 22-carat gold jewellery has risen by ₹360 per sovereign (8 grams), taking the price to ₹1,02,200. The price per gram has increased by ₹45, reaching ₹12,775.

Meanwhile, silver prices remain unchanged at ₹200 per gram. A kilogram of silver is currently priced at ₹2,00,000.

The latest increase comes after a week of considerable fluctuations in the precious metals market, raising questions among jewellery buyers and investors about the direction of gold prices.

Chennai Gold Rate Yesterday (November 1)

Gold and silver prices remained unchanged yesterday (November 1), as it was Sunday.

The previous day`s rates were:

- 22-carat gold: ₹12,730 per gram

- One sovereign (8 grams): ₹1,01,840

- Silver: ₹200 per gram

- Silver bar (1 kg): ₹2,00,000

With today`s increase of ₹45 per gram, the price of one sovereign has gone up by ₹360.

Gold Prices Fell by ₹2,720 Last Week

Despite an increase at the beginning of last week, gold prices experienced a sharp decline during the final two days. Overall, the price of 22-carat gold dropped by ₹2,720 per sovereign over the week.

This decline raised expectations that gold could soon fall below the ₹1 lakh mark per sovereign. However, today`s increase has temporarily pushed prices above that level.

Silver also witnessed a significant correction last week, falling by ₹20,000 per kilogram. Following this decline, the price of a one-kilogram silver bar has reached ₹2 lakh. Further price movements are being closely watched by buyers and investors.

Will Gold Prices Fall Below ₹1 Lakh?

The possibility of gold prices dropping below ₹1 lakh per sovereign has attracted considerable attention among middle-class families planning jewellery purchases.

Market movements are influenced by several factors, including interest rate decisions in the United States and India, currency movements and international economic developments. Higher interest rates can increase the attractiveness of interest-bearing investments and influence demand for gold.

The US midterm elections scheduled for November 3 are also being watched by market participants for their potential impact on financial markets and gold prices.

Is This the Right Time to Invest in Gold?

The recent correction in gold and silver prices has created mixed reactions among investors. People who purchased gold and silver at higher prices this year may be concerned about the decline, while those who invested when prices were lower last year may still be sitting on considerable gains.

For jewellery buyers, today`s increase may be disappointing after last week`s sharp decline. Those planning major purchases may prefer to monitor prices for a few more days before making a decision.

However, gold prices are influenced by multiple domestic and international factors, and further declines are not guaranteed. Investors should consider their financial goals and risk tolerance rather than relying entirely on short-term price predictions.

With gold currently trading at ₹1,02,200 per sovereign in Chennai, all eyes are on the precious metals market to o see whether prices will resume their downward trend or move higher in the coming days.