Gold Prices Dip in Chennai After Crossing ₹1 Lakh per Sovereign; Buyers Breathe Easy
After shocking buyers by crossing the ₹1 lakh mark per sovereign, gold prices in Chennai witnessed a sharp correction today, bringing much-needed relief to consumers.
On the previous day, the price of 22-carat gold jewellery surged twice - once in the morning and again in the evening - pushing rates to an all-time high. Gold rose by ₹145 per gram to reach ₹12,515, while the price per sovereign jumped by ₹1,160 in a single day to touch a historic ₹1,00,120. The unprecedented rise left many buyers disheartened, with gold appearing increasingly unaffordable for ordinary households.
However, prices eased significantly today. The rate of 22-carat gold in Chennai dropped by ₹165 per gram and is now selling at ₹12,350. Accordingly, the price per sovereign declined by ₹1,320, falling below the ₹1 lakh level to ₹98,800. Ten grams of 22-carat gold is now priced at ₹1,23,500, reflecting a drop of ₹1,650.
The downward trend was also seen in other gold categories. The price of 24-carat gold fell by ₹180 per gram to ₹13,473, while the rate per sovereign declined by ₹1,440 to ₹1,07,224. Meanwhile, 18-carat gold is being sold at ₹10,300 per gram, down by ₹140, and ₹82,400 per sovereign, a reduction of ₹1,120.
Silver prices, which had surged sharply a day earlier, also corrected today. In Chennai, silver is now priced at ₹211 per gram, down ₹4, and ₹2,11,000 per kilogram, a fall of ₹4,000.
Market analysts attribute the decline to profit booking after gold and silver touched record highs. In MCX trading, gold prices slipped by 0.48% to ₹1,33,492 per 10 grams, while silver fell by 1.64% to ₹1,94,657 per kilogram.
The sudden correction has offered temporary relief to buyers, though experts caution that precious metal prices may continue to remain volatile in the near term.
Disclaimer: The views and recommendations expressed in this report are those of individual analysts or institutions and do not necessarily reflect the views of LiveChennai.com.
