Chennai, Nov 4:
Retail gold prices in Chennai witnessed a sharp rise on Wednesday, climbing by Rs 200 per sovereign across major jewellery markets in the city, tracking mixed domestic commodity futures and sustained festive demand ahead of Deepavali.
With the latest revision, standard 22-carat ornament gold saw an upward tick in early morning retail transactions, while pure 24-carat bullion gold held firm amid fluctuating currency valuation and international spot market trends. Silver prices similarly displayed steady firming up across trading counters in the city.
Bullion traders and retail jewellers in T. Nagar and Sowcarpet noted that the price movement reflects consumer demand picking up ahead of Dhanteras and Deepavali festive purchases. Market analysts advised retail buyers to track international bullion movements, noting that currency exchange rates and festive demand will continue to influence local retail levels through the week.