Gold Prices Rise Sharply in Chennai After Two Days of Stability
The price of gold, which has been witnessing huge fluctuations over the past few days, has risen sharply today after remaining unchanged for the past two days. Gold rates have surged by around ₹720 per sovereign, causing disappointment among jewelry buyers who were hoping for a price drop, and among families planning purchases for upcoming auspicious occasions like weddings.
Today’s Gold and Silver Prices in Chennai:
22-Carat Gold:
Price per gram: ₹10,240 (up by ₹90)
Price per sovereign: ₹81,200 (up by ₹720)
24-Carat Gold:
Price per gram: ₹11,171 (up by ₹97.90)
Price per sovereign: ₹89,367.20 (up by ₹783.20)
18-Carat Gold:
Price per gram: ₹8,475 (up by ₹70)
Price per sovereign: ₹67,800 (up by ₹560)
Silver:
Price per gram: ₹2000 (up by ₹2)
Price per kg: ₹1,40,000
Background to Price Changes
Global factors play a major role in determining gold prices. Economic uncertainty, geopolitical tensions, and inflation concerns are pushing investors towards gold as a safe-haven asset. Monetary policy changes by central banks such as the US Federal Reserve, along with fluctuations in the US dollar’s value, also directly impact prices. When the dollar weakens, gold becomes cheaper for investors holding other currencies, driving up demand and prices.
Expert View
Market experts note that gold prices remain highly volatile. While today’s sharp rise may affect buyers, they advise close monitoring of market conditions. Those planning purchases are encouraged to seek expert advice and make timely decisions to avoid further price shocks.
