Chennai: The price of gold, which was on a unprecedented high, is coming down Today, a gram of gold is being sold in Chennai for Rs 4,755, that is Rs 520 less than yesterday’s price.
Eight grams of gold (sovereign) are being sold for Rs 38,040. The price of one kg of silver has also reduced by Rs 2,700.
According to trade sources, the rates have gone down due to decreased 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.