The price of gold ornaments in Chennai has continued to decline for the past few days. After a sharp drop of Rs. 3,680 per sovereign yesterday, gold prices have fallen by another Rs. 320 per sovereign today.
Gold, which had been rising steadily earlier this month, has now seen a consistent downward trend. On October 18, the price of a sovereign dropped by Rs. 1,600, bringing the rate to Rs. 96,000. Subsequently, on Diwali day, gold prices decreased by Rs. 80 per gram to Rs. 11,920, while the price per sovereign fell by Rs. 640 to Rs. 95,360.
However, on Tuesday, the price rebounded slightly, increasing by Rs. 80 per gram to Rs. 12,000, with a sovereign selling for Rs. 96,000.
Yesterday (Oct. 22), gold prices plunged sharply – falling by Rs. 460 per gram to Rs. 11,540, and by Rs. 3,680 per sovereign to Rs. 92,320.
Today (Thursday morning), the downward trend continued as the price dropped by another Rs. 40 per gram, bringing the rate to Rs. 11,500 per gram and Rs. 92,000 per sovereign.
Meanwhile, silver prices have also seen a decline – falling by Re. 1 per gram to Rs. 174, with one kilogram of silver priced at Rs. 1,74,000.
