In a surprising turn of events, gold prices in Chennai have dropped sharply today (November 4), bringing relief to those planning to buy jewellery. The price of 22-carat gold has fallen by Rs. 100 per gram, resulting in a decrease of Rs. 800 per sovereign. With this drop, one gram of 22-carat gold now costs Rs. 11,250, while one sovereign is priced at Rs. 90,000.
Fluctuating Trend Since November
Gold prices have been fluctuating continuously since the beginning of November. After witnessing frequent sharp increases in October, when prices reached unprecedented highs during the Diwali festive season, rates have now begun to decline gradually.
Yesterday’s Rise, Today’s Fall
On November 3, the price of gold had increased slightly – by Rs. 40 per gram – bringing the cost of one gram to Rs. 11,350 and one sovereign to Rs. 90,800. However, today’s sharp decline has reversed those gains.
18-Carat Gold Prices
The price of 18-carat gold has also seen a notable dip today. It has decreased by Rs. 85 per gram, with one gram priced at Rs. 9,390 and one sovereign at Rs. 75,120.
Silver Prices Also Fall
Similar to gold, silver prices have also dropped. Silver rates fell by Rs. 3 per gram, now selling at Rs. 165 per gram and Rs. 1,65,000 per kilogram.
This sudden decline in both gold and silver prices comes as welcome news for jewellery buyers and investors hoping for lower market rates in the coming days.
