Gold and Silver Prices Hit Record Highs in Chennai - Will There Be a Drop Soon?
Gold prices in Chennai have reached historic highs, approaching ₹95,000 per sovereign, sparking widespread concern among buyers and investors.
The day before yesterday, gold was sold at ₹11,580 per gram and ₹92,640 per sovereign. Yesterday, prices surged by ₹245 per gram, reaching ₹11,825 per gram and ₹94,600 per sovereign - marking a new record.
Today, gold prices rose again by ₹35 per gram, now selling at ₹11,860 per gram and ₹94,880 per sovereign, creating yet another all-time high.
Like gold, silver prices have also witnessed a sharp rise. The day before yesterday, silver was sold at ₹197 per gram and ₹1,97,000 per kilogram. Yesterday, it climbed by ₹9 per gram, reaching ₹206 per gram and ₹2,06,000 per kilogram - crossing the ₹2 lakh mark for the first time. Today, silver prices increased further by ₹1 per gram, touching ₹207 per gram and ₹2,07,000 per kilogram.
Will Prices Fall Soon?
Gold prices continue to fluctuate sharply, often changing between morning and afternoon rates. This consistent surge has left households and families planning weddings and other auspicious events deeply concerned. Many are now wondering when prices might stabilize or decline.
According to local jewellers, the surge is driven by a rise in global investment demand for gold and silver. “As more investors turn to precious metals, prices are reaching unprecedented levels,” they said.
They added, “We expect gold to cross ₹1 lakh per sovereign and silver to reach ₹2.15 lakh per kilogram before the Diwali festival. A price reduction is likely only if international war tensions ease and the U.S. withdraws additional taxes imposed on India.”
For now, both gold and silver continue their upward march, with buyers waiting anxiously for signs of relief in the festive season.
