CHENNAI: In Chennai, the price of gold has dropped by Rs 560 per sovereign on Friday.

The yellow metal is being sold at Rs 59,080 per sovereign in the city.

Incidentally, barring minor fluctuations, gold price has been on the rise this month, crossing the Rs 57,000 and Rs 58,000-mark earlier in October.

The price of one sovereign of gold had gone above Rs 57,000 on October 17, and then went even higher to Rs 58,000 just three days later on October 19.