CHENNAI: The price of 22-carat gold in Chennai saw an increase of Rs 60 per gram on November 18. The slight rise came on the back of the recent decline in price.

In the Chennai market, gold is now being sold at Rs 6,995 per gram, recording an increase of Rs 480 per sovereign, bringing the rate on Monday to Rs 55,960 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.