Gold prices in Chennai have reached an unprecedented new peak as the price of a 22-carat gold sovereign surged by Rs. 2,080 in a single day, now being sold at Rs. 97,440.
The continuous rise in gold prices is attributed largely to international factors, including recent actions by US President Donald Trump, which have influenced global markets.
Tamil Nadu witnessed fluctuations in gold prices over the past few days, with a notable dip on the previous Saturday when the sovereign price declined to Rs. 95,600. Silver prices also saw minor decreases during this period.
However, by October 21, the gold price rebounded sharply. The price per gram of 22-carat gold increased by Rs. 260 to Rs. 12,180, while silver prices saw a slight decrease to Rs. 188 per gram.
Jewellers’ Association President Jayantilal Salani commented that the price hike is expected to continue in the coming days, with gold prices likely to exceed Rs. 1 lakh per sovereign soon. He emphasized that global political and economic developments will continue to drive market prices upwards.This sharp increase has caught the attention of traders and consumers alike, underlining the need for careful market monitoring for both buying and selling decisions.