Gold prices in Chennai witnessed a sharp rise on Monday, with jewellery-grade 22-carat gold increasing by ₹640 per sovereign, bringing the price close to the ₹1 lakh milestone. One sovereign (8 grams) of 22-carat gold is now being sold at ₹99,840 in the city’s jewellery markets.The price of gold per gram also climbed, with rates rising by around ₹80 per gram to ₹12,480. The sudden surge in prices surprised many prospective buyers, with the yellow metal once again nearing the symbolic ₹1 lakh threshold that had been approached earlier last week.
Silver prices also saw gains on Monday, though more modest compared to gold. Silver reached a new seasonal high, with the price increasing by approximately ₹5 per gram to ₹231. On a kilogram basis, silver is now selling at roughly ₹2.31 lakh, underscoring rising demand in the precious metals market.
Local jewellers attributed the price rally to ongoing global trends, including increased investment demand in gold and silver by investors amid uncertain economic signals in international markets. These factors have contributed to higher prices overseas, which, combined with domestic demand, have pushed up local retail rates.