Chennai witnessed a sharp rise in gold prices today (March 4), with 22-karat ornamental gold increasing by ₹560 per sovereign, bringing the price to ₹64,080 per sovereign (₹8,010 per gram).
Gold prices had been on a declining trend over the past few days. On February 27, the price dropped by ₹320 per sovereign, followed by a ₹400 dip on February 28, bringing it down to ₹63,680. On March 1, the price further fell by ₹160, reaching ₹63,520 per sovereign. Prices remained unchanged on March 2 and 3 due to a holiday and market stability.
Today’s sudden spike in gold rates has surprised buyers, especially after the recent steady decline. The increase has left jewelry enthusiasts re-evaluating their purchase plans.