In a major upward swing, gold prices in Tamil Nadu witnessed a sharp increase on Thursday.
The price of 22-carat gold rose by ₹1,560 per sovereign (8 grams), bringing the rate to ₹74,360 per sovereign. This marks one of the steepest single-day hikes in recent times.
The price per gram of gold also increased significantly by ₹195, reaching ₹9,295. Over the past three days alone, gold rates have surged by ₹2,800 per sovereign, indicating strong market demand and global economic influences.
Experts attribute the price spike to a mix of global market fluctuations, weakening currency trends, and investor preference for safe-haven assets like gold amid ongoing economic uncertainty. Jewellers report an uptick in customer inquiries, although many buyers are cautious due to the steep pricing.
This rise continues a broader trend of volatility in the bullion market, with analysts suggesting that prices may climb even further if global tensions or inflation concerns persist.