Chennai: Gold and silver surges on January 24; check how much they cost

CHENNAI: Gold surged by Rs 560 and reentered the Rs 1.16 lakh bracket on January 24 (Saturday).

22-carat gold is now priced at Rs 1,16,960 per sovereign (8 grams) and Rs 14,620 per gram, rising by Rs 70.

Yesterday, on January 23, the shiny metal was selling for 1,16,400 per sovereign (Rs 14,550 per gram).

Gold rate today vs gold rate on this day, last year

Gold remains significantly higher compared to last year. Prices have surged from Rs 60,440 per sovereign (Rs 7,555 per gram) on January 24, 2025, to Rs 1,16,960 per sovereign (Rs 14,620 per gram) on January 24, 2026, marking an increase of Rs 56,520, or about 93.5%

Silver surges

Meanwhile, silver prices increased by Rs 10 to sell for a record Rs 355 per gram (Rs 3,55,000 per kg) on January 24. A gram had cost Rs 345 per gram on January 23 (yesterday).

Why is gold price on the rise?

Explaining the relentless rise of gold in January, veteran jeweller Jayantilal Challani, president of Jewellers and Diamond Traders Association of Madras, said, “The current surge is primarily due to increased global uncertainty stemming from the Greenland crisis/tax rate tensions and overall risk-averse sentiment. Geopolitical tensions and fears over trade war affect the rate, as investors prefer safe-haven assets like gold.”

Gold price (22-carat) over the last five days:

January 23, 2026: 1 Sovereign- Rs 1,16,400 | 1 gram- Rs 14,550

January 22, 2026: 1 Sovereign- Rs 1,13,600 | 1 gram- Rs 14,200

January 21, 2026: 1 Sovereign- Rs 1,15,320 | 1 gram- Rs 14,415

January 20, 2026: 1 Sovereign- Rs 1,11,200 | 1 gram- Rs 13,900

January 19, 2026: 1 Sovereign- Rs 1,07,600 | 1 gram- Rs 13,450

Silver price over the last five days:

January 23, 2026: 1 gram- Rs 345

January 22, 2026: 1 gram- Rs 340

January 21, 2026: 1 gram- Rs 345

January 20, 2026: 1 gram- Rs 340

January 19, 2026: 1 gram- Rs 318