Gold prices witnessed a sharp decline at the start of the week, bringing relief to buyers after recent fluctuations.
On Monday, the price of 22-carat gold fell by Rs. 140 per gram to Rs. 6,905, while the price per sovereign (8 grams) dropped by Rs. 1,120 to Rs. 55,240 in Chennai. The fall comes after prices had risen over the weekend.
The sudden drop of over Rs. 1,000 per sovereign has offered some comfort to consumers and jewellers alike, amid expectations that prices might continue to remain volatile.
Silver prices, however, remained unchanged. One gram of silver is being sold at Rs. 255, while one kilogram is priced at Rs. 2,55,000.
In the past five days, gold prices have shown fluctuations. On April 5 and 4, a sovereign was priced at Rs. 55,800, while it stood at Rs. 55,400 on April 3 and Rs. 55,000 on April 2. On April 1, the price was higher at Rs. 56,200 per sovereign.
Silver prices remained largely stable at Rs. 255 per gram over the last few days, except on April 1 when it was slightly higher at Rs. 265 per gram.
