After witnessing a decline for three consecutive days, the price of ornamental gold registered a sharp increase in chennai today. The price of gold rose by ₹640 per sovereign, taking the selling price to ₹1,12,240 per sovereign, according to market sources.
The sudden rise has come as a surprise to consumers and traders alike, as gold prices had been falling steadily over the past few days. With today’s increase, the price of gold has once again crossed a significant psychological level, reflecting volatility in the bullion market.
In gram terms, the price of gold increased by ₹80, with one gram of gold now being sold at ₹14,030 in the chennai market. Jewellers attribute the price hike to fluctuations in international gold prices, changes in the value of the US dollar, and market expectations surrounding global economic conditions.
Traders noted that buying activity remains cautious, especially among retail customers, as frequent price fluctuations have made consumers hesitant. However, demand is expected to pick up during the upcoming wedding season and festive occasions, despite the higher prices.
Market analysts said that gold prices have shown an upward trend since the beginning of the year, driven by global uncertainty and investor preference for safe-haven assets. They added that prices may continue to fluctuate in the coming days based on international cues.
Jewellery shop owners in chennai advised customers to closely monitor daily price movements before making purchases, as the market continues to remain volatile.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
click and follow Indiaherald WhatsApp channel