After days of continuous rise, the price of gold has fallen in Chennai today, bringing some relief to buyers and jewellers alike. The price of 22-carat gold ornaments has decreased by ₹2,000 per sovereign, and is now being sold at ₹95,600 per sovereign. The price per gram has fallen by ₹250, now standing at ₹11,950 per gram.
Over the past month, gold prices have been steadily increasing in the international market as investors continue to buy gold for financial security. This global trend pushed domestic prices to record highs in recent weeks.
In Tamil Nadu, on October 16, gold reached a peak of ₹11,900 per gram and ₹95,200 per sovereign, while silver was sold at ₹206 per gram. The next day (October 17), gold prices climbed further by ₹300 per gram, reaching ₹12,200 per gram. The price of a sovereign rose sharply by ₹2,400, hitting an all-time high of ₹97,600.
However, today (October 18), the trend has reversed. Gold prices have dropped, with the sovereign now at ₹95,600 and the gram rate at ₹11,950. This decline comes as a small relief after several days of sharp increases.
Meanwhile, silver prices have also fallen. The metal is now being sold at ₹190 per gram, down by ₹13 from yesterday.
It is noteworthy that on October 1, a sovereign of gold was priced at ₹87,600. This means that in just the past three weeks, the price has surged by ₹10,000 per sovereign, despite today’s slight drop.
Summary:
22-carat gold price today (Oct 18): ₹11,950 per gram
Sovereign price: ₹95,600 (down ₹2,000)
Silver price: ₹190 per gram (down ₹13)
After weeks of record highs, today’s dip in gold and silver prices has brought temporary relief to buyers and jewelers in Chennai.
