CHENNAI: The uncertainties over the impact of US export tariffs and the drastic fall of the rupee against the dollar fuelled the price of gold to a record high of Rs 9,535 per gram and Rs 76,280 per sovereign for 22-carat gold in the Chennai market on Friday.

In the morning, gold was priced at Rs 9,470 per gram and Rs 75,760 per sovereign, reflecting an intra-day rise of Rs 65 and Rs 520, respectively.

The precious metal has been on a record-breaking rally in 2025. A gram of 22-carat gold was sold at Rs 7,150 on January 1. It crossed the Rs 8,000-mark for the first time on February 9 to touch Rs 8,060, and went up again beyond the Rs 9,000 peak on April 21, reaching Rs 9,015.

On August 19, the price of 22-carat gold was Rs 9,235 per gram and Rs 73,880 per sovereign. Over the past 10 days since then, the gold rate in the city has climbed Rs 300 per gram and Rs 2,400 per sovereign.

Santha Kumar S, secretary, The Jewellers and Diamond Traders’ Association - Madras, said the tariff has temporarily frozen new shipments, while the weaker rupee pushed up prices further. “If export duty is removed, rates could stabilise or increase further,” he said, adding that domestic demand during the festival season could drive prices above Rs 10,000 per gram.

Meanwhile, the bullion price rallied Rs 2,100 to hit a fresh all-time high of Rs 1,03,670 per 10 grams in Delhi on Friday due to persistent buying by stockists and depreciation in rupee, according to the All India Sarafa Association.

"The Indian rupee hit an all-time low, raising concerns about the impact of 50 per cent US tariffs on the country's GDP," said Saumil Gandhi, senior analyst (Commodities) at HDFC Securities, explaining the reason for the surge.