In a notable shift in the precious metals market, the price of gold in Chennai saw a significant decrease on Thursday, dropping by Rs 1,320 per sovereign. The yellow metal is now being sold at Rs 57,600 per sovereign in the city.
The price of gold per gram also experienced a decline, dropping by Rs 165, with the current rate standing at Rs 7,200 per gram. This marks a noticeable reduction in gold prices, providing some relief to buyers amid fluctuating market conditions.
In addition to gold, silver prices have also witnessed a dip. Silver is currently priced at Rs 102 per gram, following a decrease of Rs 3 per gram. The fall in silver prices aligns with the trend in the precious metals market, which is experiencing some volatility.
The reduction in the prices of both gold and silver is being attributed to global market dynamics, with fluctuations in international gold prices and changes in investor sentiment playing a role. Local jewellers and customers are closely monitoring these shifts, as they could influence buying and selling decisions in the coming days.