Gold Price Jumps by Rs 640 in Chennai Today
Chennai witnessed a sharp rise in gold prices today, with rates increasing by Rs 640 per sovereign. The price of gold, which stood at Rs 75,240 on August 28, has now crossed Rs 78,000 per sovereign as of September 3.
Reasons for the Increase
Global Market Rally: International gold prices have been rising due to expectations of a US interest rate cut and heavy demand from large buyers.
Safe-Haven Investment: Many investors are turning to gold as a secure option during global economic uncertainty and inflation concerns.
Local Demand: With the festive and wedding season approaching, demand for gold in India has increased, pushing prices higher.
The combination of these global and local factors led to today’s jump of Rs 640, marking a strong upward trend in Chennai’s gold market.
