Gold prices in Chennai witnessed a sharp rise with the price of a sovereign (8 grams) increasing by ₹600 in a single day.
With this jump, the price of one sovereign of 22-carat gold reached ₹74,960, inching closer to the ₹75,000 mark.
The price per gram of 22-carat gold is now ₹9,370, up from ₹9,295 the previous day. This sudden spike has caught the attention of both jewellers and customers, especially as the festive and wedding season approaches.
Jewellers attribute the rise to global market trends, where gold prices have been climbing due to economic uncertainty and increased investor demand. Despite the rising rates, local demand for gold remains steady, especially from retail buyers and investors looking for a safe asset.
Gold prices had previously crossed the ₹75,000 per sovereign mark briefly last month, and the current increase suggests the possibility of another upward trend in the coming days. Many traders expect prices to remain high if global factors continue to support the metal’s bullish run.
Customers are advised to stay updated with daily price changes and consult local jewellers before making purchases.