Gold Price Crosses Rs 10,000 per Gram; Sovereign at Record Rs 80,040

Gold prices hit an all-time high in Chennai today, with one gram of 22-carat ornamental gold crossing the ₹10,000 mark and one sovereign breaching the ₹80,000 level.
As of Saturday morning, the price of one gram rose by ₹140 to ₹10,005, while the price of one sovereign (8 grams) surged by ₹1,120 to ₹80,040. Silver also inched up by ₹2 per gram to ₹138, with the price of one kilogram touching ₹1.38 lakh.
Traders attributed the sharp increase to the fall of the Indian rupee against the US dollar, following the United States imposing a 50 percent tax on Indian exports. In addition, heavy investment in gold in global markets is fuelling the rally in domestic prices.
The surge has been consistent over the past week. On August 27, a sovereign cost ₹75,000. It rose to ₹76,000 the next day, touched ₹77,000 on September 1, and crossed ₹78,000 on September 3. After a brief dip of ₹80 on September 4, the price rebounded to ₹78,920 on Friday before climbing to ₹80,040 today.
Gold has gained nearly ₹4,800 per sovereign in just 10 days, compared to ₹75,240 on August 28. 
Over the past eight months, the increase stands at a staggering ₹22,000 per sovereign, a rise that has shocked middle-class and low-income families who are finding jewellery purchases increasingly unaffordable.