Gold jumps Rs. 1,360 per Sovereign

Gold prices rebounded sharply in the Chennai bullion market on Friday, with the price of 22-carat gold jewellery rising by Rs. 1,360 per sovereign, reflecting renewed volatility driven by global factors. Silver prices also moved up, gaining Rs. 5,000 per kilogram during the day’s trade.
At the start of trading, 22-carat gold rose by Rs. 170 per gram to Rs. 14,420. This pushed the price of a sovereign, or eight grams, to Rs. 1,15,360. Market sources said buying interest picked up amid uncertainty in international markets.
Pure 24-carat gold recorded a steeper increase of Rs. 1,480 per sovereign and was priced at Rs. 1,25,848. Eighteen-carat gold rose by Rs. 1,200 per sovereign to Rs. 98,800.
Silver prices also firmed up. The metal gained Rs. 5 per gram to trade at Rs. 285, while silver bars rose by Rs. 5,000 per kilogram to Rs. 2,85,000. Platinum prices increased by Rs. 445 per gram to Rs. 6,111.
India remains the world’s largest gold importer, and domestic prices are influenced by global economic and political developments, movements in the rupee against the U.S. dollar, investment demand for safe-haven assets, and trends in international equity markets. Bullion traders said gold prices have been fluctuating sharply over the past few days, largely due to changing trade dynamics and geopolitical uncertainty, keeping investors cautious but active.