Gold prices in Chennai saw a decline today, with the rate for one sovereign (8 grams) falling by ₹200 to ₹75,560. The price per gram dropped by ₹25 to ₹9,445.
On Friday, gold was priced at ₹9,470 per gram and ₹75,760 per sovereign, marking one of the highest levels in recent weeks. Today’s reduction offers a small relief to jewellery buyers, especially those planning purchases ahead of the festive season.
Traders say the drop is linked to minor corrections in the global bullion market after a steady rally in recent days. International gold prices have shown volatility due to shifting investor sentiment, changes in the US dollar index, and fluctuations in crude oil prices.
In India, demand patterns also play a role. With the wedding season approaching, jewellers expect buying activity to pick up despite price swings. Many customers are likely to take advantage of the dip to make advance bookings.
Market analysts predict that gold rates will continue to fluctuate in the short term, influenced by global economic cues, inflation data, and central bank policies. However, over the longer term, prices are expected to remain firm, given the sustained demand for the yellow metal as a safe-haven asset.
