Chennai: Gold rates reached an unprecedented level today by touching Rs 42,808 for eight grams in Chennai. The price of one gram has increased by Rs 27 and stands at Rs 5,351.
According to trade sources, the price will only increase in the days to come due to multiple reasons including high demand.
Gold price in India depends on a host of factors including international gold prices, currency rate movements, and also the local tariffs. One of the most important reasons for gold prices to go higher is international prices.
When international prices of gold move higher, gold rates in India see a change as well and price moves up.