The price of 22-carat ornamental gold has seen a sharp decline over the past two days, falling by Rs. 1,800 per sovereign. As of today, gold is being sold at Rs. 70,040 per sovereign in Chennai, marking a further drop of Rs. 160 from yesterday.
Just two days ago, on April 30, gold was priced at Rs. 8,980 per gram and Rs. 71,840 per sovereign, coinciding with the auspicious occasion of Akshaya Tritiya ā a day traditionally considered ideal for purchasing gold. This led to a surge in jewellery purchases across Tamil Nadu.
However, on May 1, the price of gold witnessed a significant dip. The rate fell by Rs. 205 per gram to Rs. 8,775 and by Rs. 1,640 per sovereign to Rs. 70,200.
Today, the declining trend continued as gold prices dropped further by Rs. 20 per gram and Rs. 160 per sovereign. The current price stands at Rs. 8,755 per gram and Rs. 70,040 per sovereign.
Market analysts attribute the steep decline to fluctuations in international gold prices, profit booking after Akshaya Tritiya, and changes in global economic trends. Buyers are now closely monitoring the market for potential further reductions or rebounds.