CHENNAI: Continuing its recent downward trend, the price of 22-carat gold in Chennai dropped by Rs 40 per gram on November 13.
Gold is now priced at Rs 7,045 per gram, recording a fall of Rs 320 per sovereign (8 grams), bringing the current rate to Rs 56,360 per sovereign.
In the past 13 days, gold price has witnessed a decline of Rs 2,960 per sovereign.
Meanwhile, silver prices saw a slight increase, with one gram now selling at Rs 101, up by Re 1.
Analysts suggest the dip in gold price mirrors global weak cues after Donald Trump's victory in the US presidential election, which has fuelled economic optimism and strengthened the US dollar. Further, Trump's policies are expected to drive inflation higher, softening expectations for significant rate cuts by the US Federal Reserve, and also ease geopolitical tensions in the Middle East — all this has contributed to the correction in gold prices, they added.