CHENNAI: Gold prices rebounded in the city on February 3 (Tuesday), rising by Rs 640 per sovereign to Rs 1,12,240. The metal also gained Rs 80 per gram, selling at Rs 14,030 per gram, snapping a three-day decline.
On February 2, a day ago, 22-carat gold was priced at Rs 1,11,600 per sovereign (8 grams) and Rs 13,950 per gram.
Silver, which has been rising faster than gold lately, witnessed a sharp fall on Wednesday, dropping by Rs 20 to Rs 280 per gram (Rs 2,80,000 per kg) on February 3. A gram of silver had cost Rs 300 on February 2.
Gold remains significantly higher compared to last year. Prices have surged from Rs 61,640 per sovereign (Rs 7,705 per gram) on February 3, 2025, to Rs 1,12,240 per sovereign (Rs 14,030 per gram) on February 3, 2026, marking an increase of Rs 50,600 or about 82.08%.
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 February 3, 2025. By February 3, 2026, the price had risen to Rs 280 per gram, an increase of Rs 173 per gram.
Analysts said the sell-off in gold and silver began last week with the US dollar strengthening following Kevin Warsh’s nomination as the incoming Federal Reserve chair because he is viewed as more aggressive on interest rates. The free fall in prices intensified on Monday after the announcement of a hike in margin requirements on the Chicago Mercantile Exchange (CME). A day later, gold has rebounded from the fall, supported by safe-haven buying.
February 2, 2026: 1 Sovereign- Rs 1,11,600 | 1 gram- Rs 13,950
January 31, 2026: 1 Sovereign- Rs 1,19,200 | 1 gram- Rs 14,900
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
February 2, 2026: 1 gram- Rs 300
January 31, 2026: 1 gram- Rs 350
January 30, 2026: 1 gram- Rs 405
January 29, 2026: 1 gram- Rs 425
January 28, 2026: 1 gram- Rs 400