Gold prices in Chennai have reached a new high. The price of a 22‑carat gold sovereign has increased by ₹680, bringing the current rate to ₹77,640 per sovereign.
The price per gram has also risen by ₹85 and now stands at ₹9,705.
The rise in gold prices is mainly due to the weakening of the Indian rupee against the US dollar. A weaker rupee makes imported gold more expensive, which leads to higher prices in the local market.
This increase comes amid a broader trend of rising gold prices across India. The sharp climb is expected to affect jewelry buyers, especially with the festive season approaching. Many may reconsider purchases or opt for smaller gold items due to the higher costs.