The price of 22-carat jewellery gold in Chennai rose again today, increasing by ₹16 per sovereign to reach ₹77,800.
Gold prices have been steadily climbing, driven by several factors including countries converting their foreign exchange reserves into gold and the weakening of the Indian rupee against the US dollar.
On Saturday, gold was sold at ₹9,620 per gram and ₹76,960 per sovereign in Tamil Nadu. Silver was priced at ₹134 per gram. Yesterday, prices surged sharply, with gold rising by ₹85 per gram to ₹9,705, and by ₹680 per sovereign to ₹77,640 – a record high at the time. Silver also increased by ₹2 to ₹136 per gram.
At the start of this year on January 1, gold was priced at ₹7,150 per gram and ₹57,200 per sovereign. In just eight months, it has risen by ₹2,555 per gram and ₹20,440 per sovereign.
Today, the price climbed further, with gold selling at ₹9,725 per gram, bringing it close to the ₹78,000 per sovereign mark. The continuous rise has left jewellery buyers shocked and cautious.