Gold prices continued their upward trend in Chennai today, touching a fresh high and moving closer to the ₹1 lakh mark per sovereign.
The price of 22-carat gold jewellery increased by ₹720 per sovereign, taking the rate to ₹99,680 per sovereign. On a per-gram basis, gold rose by ₹90, and is now being sold at ₹12,460 per gram.
The surge is attributed to heavy investments by international investors in gold. Due to the continuous rise in global gold prices, domestic prices have also been hitting new highs. In Tamil Nadu, the price of 22-carat gold had already crossed ₹95,000 per sovereign in October.
On October 21, gold touched a then record high of ₹97,600 per sovereign. Although prices fluctuated thereafter, they did not surpass that level until recently. Over the past few days, gold prices have been steadily increasing.
Last Friday (December 12), gold prices rose sharply. In the morning, the price increased by ₹200 per gram, reaching ₹12,250, while the price per sovereign jumped by ₹1,600 to ₹98,000. Silver also rose by ₹6 per gram, selling at ₹215.
Later that evening, gold prices climbed again by ₹120 per gram, reaching ₹12,370, while the price per sovereign rose by ₹960 to ₹98,960.
There was no change in gold prices on Saturday (December 13) and Sunday (December 14) due to the weekend.
Today (December 15), gold resumed its upward movement, reaching an all-time high of ₹99,680 per sovereign. The rapid rise, with prices nearing ₹1 lakh per sovereign, has come as a shock to jewellery buyers.
Meanwhile, silver prices increased by ₹3 per gram today and are being sold at ₹213 per gram.
