Gold Prices Surge Again on March 1; Up ₹1,800 Per Sovereign in Chennai
Gold prices in Chennai have continued their sharp upward trend, delivering yet another shock to jewellery buyers and investors. After a steep rise yesterday, the price of gold increased further on Saturday, March 1, climbing by ₹1,800 per sovereign.
According to market sources, the price of gold rose by ₹225 per gram today and is now being sold at ₹15,775 per gram. A sovereign (8 grams) is priced at ₹1,26,200.
Sharp Rally Over the Past Two Days
Gold has witnessed significant fluctuations over the past week. On February 24, gold was sold at ₹14,890 per gram and ₹1,19,120 per sovereign. Prices saw minor ups and downs in the following days before surging sharply on February 28.
On February 28, gold jumped by ₹650 per gram, crossing the ₹15,000 mark and reaching ₹15,550 per gram. The price per sovereign rose by ₹5,200 in a single day to ₹1,24,400.
The rally continued today, pushing the total increase over the last two days to nearly ₹7,000 per sovereign.
Silver Also Records Strong Gains
Silver prices have also registered a notable rise. After remaining steady at ₹295 per gram for a couple of days, silver climbed to ₹320 per gram on February 28. Today, it has increased further by ₹5 per gram and is being sold at ₹325 per gram.
The price of one kilogram of silver now stands at ₹3,25,000, marking an increase of ₹5,000 today.
Geopolitical Tensions Behind the Rise
Market analysts attribute the surge in gold prices to ongoing geopolitical tensions in the Middle East, particularly involving the United States, Israel and Iran. With uncertainty looming over global markets, investors are increasingly turning to gold as a safe-haven asset.
Traders warn that if tensions continue to escalate, gold prices may witness further increases in the coming days.
