Gold price plunges by Rs.1,920 per sovereign

The price of 22-carat jewellery gold in Chennai witnessed a sharp decline on Thursday, falling by Rs.1,920 per sovereign. A sovereign of gold is now priced at Rs.1,12,120.
The price of gold is influenced by several factors, including global economic and political developments, crude oil prices, the value of the Indian rupee against the US dollar, investment demand for gold and global stock market trends.
According to the latest prices, 22-carat jewellery gold fell by Rs.240 per gram to Rs.14,015. The price of 24-carat gold declined by Rs.262 per gram to Rs.15,289, while 18-carat gold fell by Rs.240 per gram to Rs.11,785.Silver prices also witnessed a sharp decline. The price fell by Rs.10 per gram to Rs.245, while a kilogram of silver was priced at Rs.2,45,000, down by Rs.10,000.