CHENNAI: The record-breaking rally of gold continued on Tuesday, with the price of the yellow metal touching Rs 59,000 per sovereign in Chennai. October 29 is being celebrated as Dhanteras - an auspicious day ahead of Deepavali festival – which Hindus, especially from other parts of the country, consider as a good day to buy gold and silver.
Incidentally, barring minor fluctuations, gold price has been on the rise this month, crossing the Rs 57,000 and Rs 58,000-mark earlier in October.
On Tuesday, the price went up by 480 per sovereign to take it to Rs 59,000 – Rs 7,375 per gram. Coming as it did two days ahead of Deepavali and on Dhanteras, the surge has upset a large number of people who were waiting for this period to buy gold as a matter of belief.
The price of one sovereign of gold had gone above Rs 57,000 on October 17, and then went even higher to Rs 58,000 just two days later on October 19. Now, 10 days later, it has set another record.
Meanwhile, the price of silver also increased by Re 1 and is being sold at Rs 108 per gram.
GOLDEN RALLY:
October 29 – Rs 59,000
October 28 - Rs 58,520
October 27 - Rs 58,880
October 26 - Rs 58,880
October 25 - Rs 58,360
October 24 - Rs 58,280
October 23 - Rs 58,720
October 22 - Rs 58,400