Chennai: A sovereign of gold costs Rs 97,600 after record Rs 2,400 jump on Oct 17, 2025

CHENNAI: Continuing its breakneck climb, the price of 22-carat gold in Chennai rose by Rs 2,400 on Friday (Oct 17), reaching Rs 97,600 per sovereign (1 sovereign = 8 gram). Accordingly, the per-gram rate rose by Rs 300 to Rs 12,200.

A day earlier, on October 16, gold rose by Rs 320 to sell for Rs 95,200 (per gram: Rs 11,900).

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. Bullion is on track for its best year since 1979, when the Tehran revolution impacted global markets. Silver has also climbed to all-time highs, boosted by a weak dollar and strong central bank and investment buying.

Gold prices have surged from Rs 57,200 per sovereign (Rs 7,150 per gram) at the start of the year to Rs 97,600 today (October 17), a massive surge of Rs 40,400, or roughly 70.6%

From Rs 57,200 per sovereign on January 1, gold touched Rs 63,240 by February 5, and Rs 66,400 by March 14 after a single-day gain of Rs 1,440. On April 22, it jumped Rs 2,200 to Rs 74,320. The Rs 75,000 mark was crossed twice — on July 23 and August 6, at Rs 75,040. In September alone, gold prices surged by over Rs 9,000. From Rs 77,640 per sovereign (Rs 9,705 per gram) on September 1, it soared to Rs 86,880 per sovereign (Rs 10,860 per gram) on September 30, marking a rise of Rs 9,240 per sovereign and Rs 1,155 per gram.

Speaking to DT Next, S Santha Kumar, secretary, the Jewellers and Diamond Traders Association - Madras had earlier predicted that gold is likely to cross Rs 12,500 per gram (Rs 1 lakh per sovereign) before the end of December. "The demand has come down due to the price hike, but the rate would increase again, and those considering it as an investment should purchase it now," he recommended.

On the other hand, silver prices decreased by Rs 3, and now cost Rs 203/gram.

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

October 16, 2025 - 1 sovereign: Rs 95,200, 1 gram: Rs 11,900

October 15, 2025 - 1 sovereign: Rs 94,880, 1 gram: Rs 11,860

October 14, 2025 - 1 sovereign: Rs 94,600, 1 gram: Rs 11,825

October 13, 2025 - 1 sovereign: Rs 92,640, 1 gram: Rs 11,580

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

Silver price over the last five days:

October 16, 2025 - 1 gram: Rs 203

October 15, 2025 - 1 gram: Rs 207

October 14, 2025 - 1 gram: Rs 206

October 13, 2025 - 1 gram: Rs 197

October 11, 2025 - 1 gram: Rs 190