CHENNAI: The price of 22-carat gold on Monday has increased by Rs 360 per sovereign with the yellow metal being sold at Rs 53,280/sovereign.

Gold price in Tamil Nadu has hit all-time high in recent times, increasing the price of gold only further.

Accordingly, the price of gold per gram is increased by Rs 45 and being sold at Rs 6,660/gram.

On Friday, the price of gold had decreased by Rs 280 per sovereign.

Silver price also has been spiked by Rs 1/gram and sold at Rs 88 per gram.

The demand for gold in the domestic market is fuelled by the need for the precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery.

However, jewellers feel the soaring gold prices may dampen this demand. This is also reflected in the declining imports of the precious metal, according to them.