CHENNAI:  A day after it crashed by Rs 1,320 per sovereign, gold price in city went up sharply by Rs 680 per sovereign in Chennai on November 8.

On Friday, it is being sold for Rs 58,280 per sovereign, up from Rs 57,600 a day ago.

The price of gold registered substantial rise in October, crossing the Rs 57,000, Rs 58,000, and Rs 59,000 marks for the first ever time in a matter of days. The continuous rally gave the impression that it could cross Rs 60,000-mark during Dhanteras and Deepavali festivals.

However, the price cooled off after the festivals. On November 7, it went down by Rs 1,320 per sovereign. However, just a day later, it has climbed by Rs 680.