Gold price falls by Rs 560 per sovereign, gram costs Rs 7,940 in Chennai on Mar 1
The gold price per gram has decreased by Rs 20, with a gram now costing Rs 7,940.
Representative image
CHENNAI: The price of gold, on Saturday, dropped by Rs 560 per sovereign in the city. The yellow metal, which was sold at Rs 64,080 per sovereign, now costs Rs 63,520 per sovereign.
Down by Rs 70 per gram, gold was sold at Rs 7,940 per gram on Saturday.
The price of silver, however, remained stable and was sold at Rs 105 per gram on Saturday.
"The rate drop is due to less demand in the international market. Ounce rates have come down and have triggered the price drop, but it could be temporary. The rate would again go up, though it wouldn't be a major rise. It is expected that the gold rate would cross Rs 9,000 by this year's end," said Gold Guru Santhakumar, secretary of Madras Jewellers and Diamond Traders Association.
"The fluctuations in international markets haven't affected the domestic demand and the sales are good in the city," Santhakumar added.
"Usually during the muhurtham month, there is an increase in the gold rate and as the month comes to an end there is a slight decrease only to rise again. Even the excise duty has come down which also will reflect in the price. The sellers decide the rate according to the business in Mumbai and Chennai. If the rate comes down, they usually adjust the rate in making and other charges," said M Somasundaram, a consumer activist.
On February 5, the gold rate in the city had crossed Rs 63,000 and after fluctuations it crossed Rs 64,000 by mid-February.
Gold price over the last five days:
28.02.2025: 1 sovereign (22 carat)- Rs 64,680
27.02.2025: 1 sovereign (22 carat)- Rs 64,080
26.02.2025: 1 sovereign (22 carat)- Rs 64,400
25.02.2025: 1 sovereign (22 carat)- Rs 64,600
24.02.2025: 1 sovereign (22 carat)- Rs 64,440
Silver price over the last five days:
28.02.2025: 1 gram- Rs 105
27.02.2025: 1 gram- Rs 106
26.02.2025: 1 gram- Rs 106
25.02.2025: 1 gram- Rs 108
24.02.2025: 1 gram- Rs 108
