Gold prices witnessed a notable decline in Chennai on Tuesday, marking a significant correction after weeks of steady highs.
According to market updates, the price of 22-karat gold dropped by ₹105 per gram, bringing the rate down to ₹9,200 per gram. Similarly, 24-karat gold saw a fall of ₹114 per gram, settling at ₹10,037 per gram.
The sharp drop aligns with trends in the national and international gold markets. On the Multi Commodity Exchange (MCX), August gold futures fell by over ₹2,100 per 10 grams from recent peak levels, reflecting investor caution amid global economic uncertainties and shifts in demand.
Industry analysts suggest this correction could be temporary and driven by profit-booking. However, the decline offers potential opportunities for retail buyers ahead of the upcoming festive and wedding seasons.
Traders in Chennai are advising customers to keep an eye on the daily fluctuations, as the market is expected to remain volatile.