CHENNAI: Gold price surges in the city. Gold snaps three-day fall, rises by Rs 640 per sovereign on February 3 (Tuesday), selling at Rs 1,12,240 per sovereign (8 grams) and Rs 14,030 per gram, marking an increase of Rs 80 per gram.
On February 2, 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, also 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.
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 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 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.
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