Gold prices in Chennai have witnessed a sharp surge, breaching the Rs 74,000 mark per sovereign for the first time. On Tuesday, the price of 22-carat gold increased by a massive Rs 2,200 per sovereign, pushing the rate to Rs 74,320. In grams, 22-carat gold now costs Rs 9,290, while 24-carat gold is priced at Rs 10,135 per gram.
The latest spike continues the trend of volatile movements in gold rates over recent months. On February 5, the price stood at Rs 63,240 per sovereign. It then rose to Rs 64,000 before falling back to Rs 63,520 on February 12. However, the momentum shifted again, with prices climbing to Rs 66,400 by March 14 — a steep jump of Rs 1,440 from the previous day.
The upward trend has intensified in April, with continuous hikes culminating in today’s record rate of Rs 74,320. Market analysts attribute the surge to global economic uncertainties, rising demand, and fluctuations in the international bullion market.