Gold Prices drop by Rs 4,800 per sovereign

Gold prices in Chennai registered a sharp decline on Thursday, offering relief to buyers after a sustained period of steep increases. The price of one gold sovereign fell by Rs. 4,800 and is now being sold at Rs. 1,29,600.
Gold prices are largely determined by trends in the international bullion market and fluctuations in the Indian rupee against the US dollar. On December 15, one gold sovereign of ornamental gold was priced at around Rs. 1,12,000. Thereafter, prices rose steadily over the weeks, unsettling customers. On Wednesday alone, the price surged by Rs. 9,520 in a single day, adding to concerns among buyers.
In contrast, Thursday saw a significant correction. Following the reduction, the price of gold in Chennai stands at Rs. 16,200 per gram. Jewellers said the dip followed global market cues and easing sentiment after the recent sharp spike.
The fall has brought temporary relief to customers, especially those planning purchases ahead of the wedding season and upcoming auspicious occasions.
Silver prices showed mixed trends. The price of silver fell by Rs. 10 per gram to Rs. 415. Meanwhile, the price of bulk silver was quoted at Rs. 4,15,000 per kilogram.
Traders said precious metal prices are expected to remain volatile in the coming days, tracking global economic developments and currency movements.