Chennai, April 17:
Gold prices in Chennai recorded a steep decline on Friday, with the rate of the yellow metal dropping by ₹1,200 per sovereign in a single day, marking one of the sharpest corrections in recent weeks.
According to market sources, the price of 22-carat gold fell to ₹1,13,680 per sovereign (8 grams), while the per gram rate declined by ₹150 to ₹14,210. The sudden fall comes after a brief upward trend observed over the past few days, underscoring the ongoing volatility in the bullion market.
Traders said the correction follows a recent surge in prices, which had pushed gold rates to elevated levels. On Thursday, gold was priced at ₹1,14,880 per sovereign, reflecting a marginal increase before Friday’s sharp drop reversed the gains.
Market analysts attribute the fluctuations to global factors, including changes in international gold prices, currency movements, and shifting investor sentiment. Developments in major economies and expectations around interest rate policies continue to influence domestic bullion rates.
Despite the fall in gold prices, silver rates remained largely stable in the Chennai market. Silver was quoted at around ₹275 per gram and ₹2.75 lakh per kilogram, showing no significant change compared to the previous session.