The price of gold in Chennai has started to decline once again. After witnessing an upward trend over the past few days, the slight dip has renewed interest among buyers, especially middle-class families and small investors. The recent surge in gold prices had reduced the purchasing power of the public, but the latest decrease has brought relief and optimism ahead of the festive and wedding season.
As of today, the price of gold in Chennai has fallen by Rs. 50 per gram, bringing the rate down to Rs. 11,270 per gram (22K). Similarly, the price of one sovereign has decreased by Rs. 400, now selling at Rs. 90,160. Jewellers say this is a favourable opportunity for customers planning gold purchases for weddings and other important events. The change in prices over the last 48 hours has boosted confidence among buyers.
In contrast, silver prices have remained stable. The price of 1 gram of silver continues at Rs. 165, while 1 kg of silver is unchanged at Rs. 1,65,000. The steady silver rate has ensured that household budgets remain unaffected.
Economists note that the earlier rise in gold prices was influenced by two key factors: global central banks increasing their gold reserves, and investors turning to gold as a safe investment amid global economic uncertainties. These conditions have led to frequent fluctuations in the gold market. However, the current slight decline is seen as a positive sign for consumers, especially with the upcoming festive and wedding season.
