Chennai: The rates of gold and silver, which have been witnessing a steep increase in the recent weeks, today touched a new high in Chennai.
A gram of gold is being sold for Rs 5,420, which is Rs 46 higher when compared to yesterday. A sovereign (eight grams) of gold is being sold in Chennai for Rs 43,360 today. Silver price has also increased.
According to trade sources, the price will only increase in the days to come due to multiple reasons including high demand.
Gold price in India depends on a host of factors including international gold prices, currency rate movements, and also the local tariffs. One of the most important reasons for gold prices to go higher is international prices.
When international prices of gold move higher, gold rates in India see a change as well and price moves up.