Gold Prices Dip in Chennai on December 30 After Hitting Yearly Peak
Gold prices witnessed a steep correction on December 30 after touching their highest level of the year. The yellow metal plunged by ₹3,360 per sovereign in a single session, bringing the price down to ₹1,00,800 per sovereign (8 grams) and ₹12,600 per gram, a fall of ₹420 per gram.
On December 29, gold was priced at ₹1,04,160 per sovereign and ₹13,020 per gram, already down by ₹640 from the previous session. Earlier, on the evening of December 27, gold had reached its yearly high at ₹1,04,800 per sovereign and ₹13,100 per gram.
The recent volatility follows a strong rally driven by the US Federal Reserve’s rate cut and indications of further easing, which weakened the dollar and boosted safe-haven demand. A record-low rupee also supported domestic gold prices. From January 1, when gold stood at ₹57,200 per sovereign (₹7,150 per gram), prices have surged by ₹43,600—an increase of about 76.2%—before the latest correction.
Silver prices also declined, falling by ₹23 to ₹258 per gram (₹2,58,000 per kg) on December 30.
Recent Price Trend (22-carat gold):
- Dec 29: ₹1,04,160 per sovereign | ₹13,020 per gram
- Dec 27: ₹1,04,800 per sovereign | ₹13,100 per gram
- Dec 26: ₹1,03,120 per sovereign | ₹12,890 per gram
- Dec 25: ₹1,02,560 per sovereign | ₹12,820 per gram
- Dec 24: ₹1,02,400 per sovereign | ₹12,800 per gram
Silver (per gram):
- Dec 29: ₹281
- Dec 27: ₹285
- Dec 26: ₹254
- Dec 25: ₹245
- Dec 24: ₹244
The sudden dip has brought some relief to buyers, even as gold continues to trade near historically high levels.
