Gold Jewellery Prices in Chennai Hit Record High
The price of gold jewellery in Chennai has reached a historic high, touching ₹84,000 per sovereign yesterday. Gold rose by ₹1,120 per sovereign, closing at ₹83,440, setting a new record.
The surge in prices is linked to the international economic environment and fluctuations in the Indian rupee against the US dollar. Since August 26, gold prices have been on a continuous upward trend.
On September 20, gold touched a new peak of ₹82,320 per sovereign, and prices have continued to rise steadily since then. Market experts predict that the yellow metal may soon cross the ₹84,000 mark.
1 gram gold (22-carat): ₹10,430 (up by ₹140)
24-carat pure gold (1 gram): ₹91,024
Silver price: ₹148 per gram (up by ₹3)
Silver bar: ₹1.48 lakh per kg (up by ₹3,000)
Reacting to the sharp rise, S. Chandakumar, General Secretary of the Chennai Gold and Diamond Dealers Association, said:
“The US Federal Reserve has reduced the interest rate. This has shifted depositors’ interest from banks to gold. Along with the depreciation of the Indian rupee against the dollar and ongoing geopolitical uncertainties, investment in gold has increased. Prices are expected to rise further in the coming days.”
Consumers and jewellers alike were stunned by the sudden jump in gold prices, while market watchers caution that the upward trend may continue in the short term.
