Gold prices in Chennai witnessed a decline today, with the 24-carat gold rate dropping to ₹12,764 per gram.
This comes after slight fluctuations in the domestic and international bullion markets.
The 22-carat gold, widely preferred for jewelry, is now priced at ₹11,700 per gram, while 18-carat gold has fallen to ₹9,800 per gram. In terms of sovereigns, the 22K gold sovereign (8 grams) is currently valued at approximately ₹93,600.
Market analysts attribute the drop to a combination of factors, including changes in international gold rates, currency fluctuations, and reduced domestic demand following recent festive purchases.
Investors and jewelry buyers are advised to monitor prices closely, as gold rates are subject to daily changes influenced by global market trends and local demand.
Gold dealers in the city have confirmed the downward movement but note that prices could stabilize in the coming days, depending on market conditions.
With festive buying season winding down, consumers looking to invest in gold or purchase jewelry may find this dip an opportunity to make timely purchases.
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