Gold prices witnessed a sharp decline on the first day of the week, bringing relief to jewellery buyers as the price of a sovereign fell by ₹800 in a single day.
According to market reports, the price of 22-carat gold in Tamil Nadu dropped significantly on Monday. A sovereign (8 grams) of gold, which was sold at ₹90,800 earlier, fell to ₹90,000 following the sudden decline.
Similarly, the price of gold per gram dropped by about ₹100, bringing it down from ₹11,350 to ₹11,250. The fall reflects fluctuations in the international gold market, which often influences domestic prices.
Silver prices also witnessed a slight drop. The price of silver decreased by ₹3 per gram and was being sold at around ₹165 per gram in the market.
Jewellery traders say gold prices have been witnessing frequent fluctuations in recent weeks due to global economic factors. Despite periodic rises, the sudden fall in price has offered some relief to consumers and jewellery buyers across the state.