Gold prices recorded a sharp increase across Tamil Nadu on Tuesday, continuing their upward trend amid strong global cues and sustained domestic demand. The rise has pushed jewellery rates to new highs, affecting both consumers and investors.
According to market data, the price of 22-carat gold, widely used for jewellery, increased significantly to ₹15,330 per gram, marking a jump of around ₹370 per gram compared to the previous trading session. With this rise, the price of one sovereign (8 grams) of 22-carat gold climbed to ₹1,22,640, up by nearly ₹2,960.
Traders said gold prices have been volatile in recent days but remain firmly bullish, driven by international market trends, geopolitical uncertainties, and steady buying interest in India. Chennai and other major cities in Tamil Nadu have seen similar price movements, keeping retail jewellery prices elevated.
Silver prices also moved higher. The metal was selling at approximately ₹400 per gram, reflecting a modest increase from earlier rates. Market observers noted that silver has been gaining alongside gold as investors seek safe-haven assets.
Experts attribute the rise in gold prices to a combination of global factors, including fluctuations in the US dollar, international bullion rates, and increased investment demand.
Domestically, jewellers point to steady demand ahead of the wedding season, especially in southern India.
With gold prices hovering near record levels, buyers are exercising caution, while investors continue to view the precious metal as a reliable hedge against inflation and economic uncertainty.