Gold prices in Chennai saw a minor decline on Sunday. The price of 22-carat gold dropped by ₹15 per gram, bringing the rate to ₹8,915.
As a result, the price of a sovereign (8 grams) decreased by ₹120, now selling at ₹71,320.
This comes after a previous drop of ₹440 on June 28, when a sovereign was priced at ₹71,440. Although gold rates had touched a peak of ₹74,320 per sovereign in April this year, they have seen fluctuations in recent weeks.
The price reduction is attributed to easing global tensions and a weaker demand in the international market. However, local demand remains steady, and buyers in Chennai welcomed the slight dip as an opportunity to purchase gold at a lower rate.
Jewellery shops in the city reported moderate footfall, with some customers making advance purchases ahead of festive and wedding seasons. Market experts suggest that prices may continue to fluctuate in the short term, depending on global cues and currency movement.