Chennai, July 8:
Gold prices witnessed a notable drop in Chennai on Wednesday (July 8), bringing slight relief to buyers amid an otherwise high-price trend. The price of the yellow metal fell by Rs 560 per sovereign, continuing the recent downward movement seen over the past few days.
With the latest revision, the price of 22-carat gold now stands at Rs 1,06,640 per sovereign, while the per gram rate has come down by Rs 70 to Rs 13,330. Despite the dip, gold continues to trade at significantly elevated levels compared to previous years, reflecting sustained demand and global market influences.
Silver prices also recorded a marginal decline on the same day. The metal dropped by Rs 5 per gram and is currently being sold at Rs 245 per gram, translating to Rs 2,45,000 per kilogram. This marks a decrease from the previous day’s rate of Rs 250 per gram (Rs 2,50,000 per kg), indicating a mild cooling in prices.
A year-on-year comparison highlights the steep rise in gold rates. On July 8, 2025, gold was priced at Rs 72,480 per sovereign (Rs 9,060 per gram). In contrast, current rates show an increase of Rs 34,160 per sovereign, representing a sharp surge of around 47.13% over the past year.
Looking at recent trends, gold prices have been fluctuating over the past five days. On July 7, the rate stood at Rs 1,07,200 per sovereign before dropping further on July 8. Earlier, prices had peaked at Rs 1,09,600 on July 3 and 4, indicating volatility in the bullion market.
Similarly, silver prices have shown slight variations in recent days, moving between Rs 255 and Rs 260 per gram before settling at Rs 245 on July 8. Market observers attribute these fluctuations to changes in global cues, currency movements, and investor sentiment.
While the current dip may encourage short-term buyers, experts suggest that the overall upward trend in precious metals could persist, driven by economic uncertainties and continued demand in both domestic and international markets.