Gold Prices Continue to Soar in Chennai - Expected to Touch ₹1 Lakh per Sovereign Before Diwali
The price of gold jewellery in Chennai has surged once again, increasing by ₹75 per gram to ₹11,200 per gram and by ₹600 per sovereign to ₹89,600 per sovereign. Meanwhile, silver prices remain unchanged at ₹166 per gram and ₹1,66,000 per kilogram.
Gold prices, which have been climbing rapidly since Monday (September 29), continue to show an upward trend driven by global economic uncertainty. Central banks across the world have been purchasing large quantities of gold bars, further fueling the price increase.
Earlier, on October 3, gold prices dipped by ₹400 per sovereign, touching ₹87,200, but rebounded sharply to ₹87,600 on Saturday. On Monday morning, the price rose again by ₹110 per gram and ₹880 per sovereign, selling at ₹88,480. By the end of the trading session in the evening, it climbed further by ₹65 per gram and ₹520 per sovereign, reaching ₹89,000.
From the beginning of this year, when gold was priced at ₹60,000 per sovereign, it rose to ₹72,000 in June, and now stands close to ₹90,000 — marking an extraordinary ₹35,000 increase per sovereign in just 10 months.
Despite the steep rise, investors continue to view gold as a safe haven, pushing demand even higher. Economists predict that the price may cross ₹1 lakh per sovereign before Diwali, an all-time record, leaving the middle class and homemakers deeply concerned about the soaring cost of the precious metal.
