Chennai witnessed a significant rise in gold prices on Tuesday, with the rate of the yellow metal jumping by Rs 480 per sovereign. Currently, gold is being sold at Rs 59,000 per sovereign, leaving the public surprised by the sudden increase.
In Tamil Nadu, gold prices have been fluctuating over the past few days, reflecting broader market volatility. This latest hike also saw the price per gram increase by Rs 60, bringing the rate to Rs 7,375 per gram.
Silver prices have also risen, with a Re 1 increase per gram, now selling at Rs 108 per gram.
The sharp climb in gold prices is attributed to various global and domestic economic factors affecting precious metal markets, which has left many in the region keeping a close watch on further developments.