CHENNAI: For the second day in a row, gold prices fell in the city. The yellow metal became cheaper by Rs 7,600 in a single session on January 31 (Saturday), selling at Rs 1,19,200 per sovereign (8 grams) and Rs 14,900 per gram, marking a drop of Rs 950 per gram.
On January 30, 22-carat gold was priced at Rs 1,26,800 per sovereign (8 grams) and Rs 15,850 per gram.
Silver, which has been rising faster than gold lately, also witnessed a sharp fall on Saturday, dropping by Rs 55 to Rs 350 per gram (Rs 3,50,000 per kg) on January 31. A gram of silver had cost Rs 405 on January 30.
Analysts attributed the decline in the precious metals to US President Donald Trump’s nomination of Kevin Warsh as the next chair of the Federal Reserve. The move eased existing concerns over the central bank’s independence and strengthened the US dollar.
Gold rate today vs gold rate on this day, last year
Gold remains significantly higher compared to last year. Prices have surged from Rs 61,840 per sovereign (Rs 7,730 per gram) on January 31, 2025, to Rs 1,19,200 per sovereign (Rs 14,900 per gram) on January 31, 2026, marking an increase of Rs 57,360 per sovereign (Rs 7,170 per gram), or about 92.7%.
Silver prices have climbed far faster than gold on a year-on-year basis. While gold prices rose by about 92.7% over the past year, silver recorded a much steeper increase of around 227%.
Silver cost Rs 107 per gram on January 31, 2025. By January 31, 2026, the price had risen to Rs 350 per gram, an increase of Rs 243 per gram.
Analysts said gold and silver prices have been volatile due to shifting global cues. While a weaker dollar, rising geopolitical tensions, central bank buying, and policy uncertainty under the Trump administration had earlier supported prices, the dollar strengthened after President Donald Trump nominated a new Federal Reserve chair, weighing on precious metals worldwide.
January 30, 2026: 1 Sovereign- Rs 1,26,800 | 1 gram- Rs 15,850
January 29, 2026: 1 Sovereign- Rs 1,34,400 | 1 gram- Rs 16,800
January 28, 2026: 1 Sovereign- Rs 1,24,880 | 1 gram- Rs 15,610
January 27, 2026: 1 Sovereign- Rs 1,19,680 | 1 gram- Rs 14,960
January 26, 2026: 1 Sovereign- Rs 1,20,200 | 1 gram- Rs 15,025
January 24, 2026: 1 Sovereign- Rs 1,16,400 | 1 gram- Rs 14,650
January 30, 2026: 1 gram- Rs 405
January 29, 2026: 1 gram- Rs 425
January 28, 2026: 1 gram- Rs 400
January 27, 2026: 1 gram- Rs 387
January 26, 2026: 1 gram- Rs 376