Gold prices in Chennai witnessed a rebound on Thursday after a brief period of decline, with the price of 22-carat gold increasing by Rs. 400 per sovereign.
According to market data, the price of 22-carat gold rose by Rs. 50 per gram to Rs. 13,950, taking the price of one sovereign (8 grams) to Rs. 1,11,600. Meanwhile, 24-carat gold was priced at Rs. 1,21,744 per sovereign.
In contrast, silver prices registered a slight dip, falling by Rs. 5 per gram to Rs. 260. The price of one kilogram of silver stood at Rs. 2,60,000.
Gold prices, which had been on a declining trend since March 12, reversed direction amid fluctuations in the global market. Experts attribute the volatility to international economic conditions, currency movements, and geopolitical tensions.
Factors such as the value of the Indian rupee against the US dollar, global investment trends, and uncertainties in crude oil supply due to tensions in the Middle East have also contributed to the price fluctuations.
India continues to remain one of the largest importers of gold, making domestic prices highly sensitive to global developments.
