Gold prices in Chennai have continued to decline, with the price of 22-carat jewellery gold dropping sharply over the past five days. On March 6, the price fell by ₹1,280 per sovereign, bringing the rate down to about ₹1,19,680 per sovereign. The price per gram also dropped by ₹160 to around ₹14,960.
The recent fall comes after a sharp surge in gold prices earlier due to geopolitical tensions in the Middle East. When the conflict between the United States, Israel and Iran intensified, demand for gold as a safe-haven asset increased, pushing prices higher. However, after the initial spike, prices have started correcting in the market over the last few days.
Market data shows that gold was selling at around ₹1,23,720 per sovereign on March 3 before the steady decline began. With the latest drop, the price has fallen by about ₹6,520 within five days, offering some relief to jewellery buyers. Meanwhile, silver prices have also slipped, with the metal trading around ₹290 per gram in the market.