Gold Jumps ₹2,560 per Sovereign in a Day; Silver Recovers After Morning Dip
Gold prices in Chennai surged sharply on Tuesday (Feb 3), rising by ₹2,560 per sovereign in a single day, while silver, which declined in the morning, rebounded in the afternoon session.
Gold prices are largely influenced by global economic conditions and the movement of the Indian rupee against the US dollar. Since the beginning of January 2026, gold had touched multiple record highs, with a sovereign crossing ₹1.30 lakh, and silver prices also witnessing a sharp rise.
However, during January 30 and 31 and on February 2, gold prices corrected steeply, falling by as much as ₹22,800 per sovereign in three days, offering temporary relief to buyers.
Today’s Price Movement (Feb 3)
Morning:
- 22K Gold: ₹14,030 per gram (up ₹80) - Gold per sovereign: ₹1,12,240 (up ₹640)
Afternoon:
- 22K Gold: ₹14,270 per gram (up ₹240) - Gold per sovereign: ₹1,14,160 (up ₹1,920)
Total Increase Today: ₹2,560 per sovereign
Silver Prices:
- Morning: ₹280 per gram (down ₹20) - Afternoon: ₹300 per gram (up ₹30) - Silver bullion (1 kg): ₹3 lakh
Outlook:
Experts say gold prices could cross ₹2 lakh per sovereign and silver could exceed ₹5 lakh per kilogram by the end of this year. They also caution that both precious metals may witness unprecedented volatility in 2026.
Despite a slight recovery in the rupee against the US dollar, rising global investment demand for gold has pushed jewellery prices higher once again.
