On the first day of the week, gold prices in Chennai witnessed a sharp increase, bringing a notable rise in rates for various purity levels.
The price of 22-carat gold has increased by ₹110 per gram, now retailing at ₹11,410 per gram. Consequently, the price of a sovereign (8 grams) has risen by ₹880, and is now being sold at ₹91,280 per sovereign.
Similarly, the price of 18-carat gold has gone up by ₹90 per gram, reaching ₹9,515 per gram. The price of an 18-carat sovereign has increased by ₹720, now selling at ₹76,120 per sovereign.
Silver prices too have recorded an upward movement. The price of silver has risen by ₹2 per gram, currently sold at ₹167 per gram, while a silver sovereign (1 kg) is priced at ₹1,67,000.
Market experts attribute this sudden rise to fluctuations in global bullion rates and increased demand ahead of the festive season.
