In a significant development for jewellery buyers and investors, gold prices in Chennai dropped sharply on Thursday morning. The cost of 22-carat gold decreased by ā¹195 per gram, marking a drop of ā¹1,560 per sovereign (8 grams).As per the latest market data:
22-Carat Gold now costs ā¹8,610 per gram
A sovereign (8 grams) is priced at ā¹68,880
24-Carat pure gold is currently selling at ā¹9,393 per gram
The price drop is being attributed to global cues, strengthening of the US dollar, and easing geopolitical tensions, which have reduced the appeal of gold as a safe-haven asset.
Meanwhile, silver prices have also seen a decline:
ā¹108 per gram
ā¹108,000 per kilogram
This correction in the bullion market is expected to spark buying interest among customers, especially ahead of upcoming wedding and festive seasons. Analysts advise monitoring global trends and rupee-dollar exchange rates closely, as they play a key role in determining domestic gold prices.
Buyers in Chennai looking to make purchases may see this dip as an opportunity, although experts suggest that price volatility may persist in the coming weeks.