Chennai gold price plunges by Rs 1,120, sovereign costs Rs 91,200 on Oct 24 evening

CHENNAI: Amid a pause from its week-long breakneck climb, the price of 22-carat gold in Chennai plunged by Rs 1,120 per sovereign on Friday (Oct 24) evening. A sovereign (1 sovereign = 8 grams) now costs Rs 91,200. Accordingly, the per-gram rate decreased by Rs 140 to Rs 11,400.

Today morning, gold had risen by Rs 320 to sell for Rs 92,320 per sovereign (Rs 11,540 per gram). On October 23, a day earlier, gold cost Rs 92,000 per sovereign (Rs 11,500 per gram).

On October 17, gold was sold for Rs 97,600 (Rs 12,200/gram), the highest it has recorded this year, only to fall later.

Commenting on this, Jayantilal Challani, president, Jewellers and Diamond Traders Association of Madras, had earlier said that bullion logged its steepest Diwali Muhurat drop in five years (2021–2025). While silver fell by 4.85 per cent, gold declined by 1.80 per cent this year, silver had risen by 0.90 per cent, gold by 0.56 per cent last year. “The 2025 slide marks the worst Muhurat-day print for bullion in the period,” Challani added.

Gold has seen a record rally this year as traders turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and the global trade war President Donald Trump unleashed, including on India.

Gold prices have recorded a massive surge from Rs 57,200 per sovereign (Rs 7,150 per gram) at the start of the year to Rs 91,200 this evening (October 24), a growth of Rs 34,000, or roughly 59.4%.

Speaking to DT Next, S Santha Kumar, secretary, The Jewellers and Diamond Traders Association – Madras, said the decrease in gold price is due to the inflation prevailing in the US economy and has nothing to do with any domestic reasons.

The silver rate has also come down, as the supply is normal now, he said.

However, Santha Kumar added, the price of

gold is expected to go up again by next week. “It is expected to cross Rs 1 lakh per sovereign by November.”

Silver prices fall

Silver had climbed a record Rs 200/gram this month but is now on a downward spiral. This evening (Oct 24), a gram of silver has dipped by Re 1 to sell for Rs 170 (Rs 170,000/kilogram).

Yesterday (October 23), a gram of silver had cost Rs 174.

A gram of silver was priced at Rs 98 on January 1, and today evening it trades at Rs 170, marking a rise of Rs 72, or 73.4%.

Gold price (22-carat) over the last five days:

October 23, 2025 - 1 sovereign: Rs 92,000, 1 gram: Rs 11,500

October 22, 2025 - 1 sovereign: Rs 92,320, 1 gram: Rs 11,540

October 21, 2025 - 1 sovereign: Rs 96,000, 1 gram: Rs 12,000

October 20, 2025 - 1 sovereign: Rs 95,360, 1 gram: Rs 11,920

October 18, 2025 - 1 sovereign: Rs 95,600, 1 gram: Rs 11,950

Silver price over the last five days:

October 23,2025 - 1 gram: Rs 174

October 22, 2025 - 1 gram: Rs 175

October 21, 2025 - 1 gram: Rs 188

October 20, 2025 - 1 gram: Rs 190

October 18, 2025 - 1 gram: Rs 190