Gold prices have seen a sharp decline over the past two days, dropping by ₹1,120 per sovereign. As of now, the price of one sovereign (8 grams) stands at ₹71,440 in Chennai.
On Friday alone, gold prices fell by ₹680 per sovereign. The drop follows a similar fall of ₹440 on Thursday, leading to a total two-day decrease of ₹1,120. The price of one gram of 22-karat gold is now ₹8,930.
The decrease is linked to global market trends and a reduced demand for gold as international tensions ease. Experts believe this is a good time for consumers to buy gold, especially with the wedding and festive seasons approaching.
Silver prices have also fallen slightly, with the rate now at ₹96 per gram.
Jewellers and consumers are closely watching the market for further changes in the coming days.