CHENNAI: After a slight increase on Friday, the price of 22-carat gold continued its recent downward trend and dropped by Rs 10 per gram on November 16.

In Chennai market, gold is now being sold at Rs 6,935 per gram, recording a fall of Rs 80 per sovereign, bringing the rate on Saturday to Rs 55,480 per sovereign.

On October 30, gold price reached an all-time high of Rs 59,520 per sovereign, with some analysts predicting that the price could cross Rs 60,000.

However, following that peak, the market experienced a sharp downward trend. On November 14, gold price had dropped by Rs 880 per sovereign, bringing it down to Rs 55,480 per sovereign.

Meanwhile, the price of silver remains stable and is being sold at Rs 99 per gram today.