Gold Prices Soar by Rs. 2,080 in One Day, Setting New Record

Gold prices in Chennai have skyrocketed, reaching a historic high as the price of a 22-carat gold sovereign surged by Rs. 2,080 in a single day. As of now, the cost stands at Rs. 97,440. Analysts attribute this sharp increase to various international developments, including recent actions by US President Donald Trump, which have significantly impacted global markets.

The fluctuations in gold prices have been notable in Tamil Nadu over the past week. On October 14, 2023, the price of a sovereign dipped to Rs. 95,600, reflecting a temporary decline. During this period, silver prices also experienced minor decreases. Nevertheless, by October 21, 2023, the gold market rebounded dramatically. The price per gram of 22-carat gold rose by Rs. 260, reaching Rs. 12,180, while silver was priced at Rs. 188 per gram.

The President of the Jewellers’ Association, Jayantilal Salani, expressed his outlook for the market, indicating that the price hike is likely to continue. He projected that gold prices could soon surpass Rs. 1 lakh per sovereign, driven by ongoing global political and economic developments. Salani emphasized the necessity for traders and consumers to closely monitor market trends for informed buying and selling decisions.

This recent surge in gold prices has not only attracted the attention of traders but also consumers, highlighting the importance of vigilance in this volatile market. As global factors continue to influence local prices, stakeholders are preparing for potential further increases in the coming days.