Gold and silver see significant declines in Chennai markets as prices correct after recent highs
Chennai, Feb 2: Gold prices in Chennai experienced a sharp fall on the first trading day of the week, with 22-carat jewellery gold dropping by ₹7,600 per sovereign (8 grams), according to local market data.
On Monday morning, a sovereign of gold was selling at around ₹1,11,600, while the rate for 22-carat gold per gram fell by ₹950 to ₹13,950.
Last month, gold prices had reached unusual highs in Tamil Nadu, with 22-carat jewellery touching ₹16,800 per gram and ₹1,34,400 per sovereign on January 29 — levels rarely seen in the state.
In the days leading up to Monday, the market had already begun showing signs of correction, with prices declining on January 30 and January 31 before Monday’s steep fall.
Silver also registered a downturn, with rates falling across the board. The precious metal was selling at around ₹300 per gram, and silver jewellery prices declined by about ₹20,000 per kilo. Experts say such corrections reflect broader market adjustments after reaching recent peaks and respond to factors including changes in demand and investor sentiment.
Consumers and traders alike have welcomed the dip, especially those who postponed purchases amid earlier price surges. However, jewellery buyers continue to monitor price movements closely, as global trends and domestic demand patterns could influence gold and silver rates in the days ahead.