CHENNAI: After a week of unpredictable fluctuations, the gold price has come down to Rs 13, 950 per gram and Rs 1.11 lakh per sovereign on Monday morning. On Saturday the gold rate was Rs 14,900 per gram and Rs 1.19 lakh per sovereign. The gold per gram saw a reduction of Rs 950 per gram and Rs 7,600 per sovereign on Monday.
On last Thursday the gold price recorded the highest price in the history, with rates climbing by a staggering Rs 9,520 per sovereign (8 grams) and Rs 1,190 per gram in just one day. This jump pushed prices to Rs 1,34,400 per sovereign and Rs 16,800 per gram on Thursday but since then gold price has been going down.
"In auctions the margin money has been increased and people have to close their position without choice so the rate has come down for the metal which led to the decrease in the date. Also panic selling also happens for gold and silver now. Demand is low among the customers as they expect the rate to come down again," said B Sabarinath, President of Tamil Nadu Jewellers Federation.
Now it is the best time to buy jewellery for consumers as it would go high again soon, Sabarinath added.
Meanwhile, Silver along with the gold also had fluctuations this week. Silver was sold at Rs 425 per gram on January 29 which came down to Rs 300 per gram on Monday.
Jewellers in the city predict that by 2026 end the gold rate would cross the target of Rs 2 lakh per sovereign.
Day - price per gram
January 26 (Monday ) - Rs 15,075
January 27 (Tuesday )- Rs 14,960
January 28 (Wednesday) - Rs 15,610
January 29 (Thursday) - Rs 16,800
January 30 (Friday) - Rs 16,200
January 31 (Saturday) - Rs 14,900
February 2 ( Monday) - Rs 13,950