Chennai gold price dips by Rs 320, sovereign costs Rs 92,000 on Oct 23, 2025
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CHENNAI: Amid a pause from its week-long breakneck climb, the price of 22-carat gold in Chennai dropped by Rs 320 per sovereign on Thursday (Oct 23). A sovereign (1 sovereign = 8 gram) now costs Rs 92,000. Accordingly, the per-gram rate decreased by Rs 40 to Rs 11,500.
On October 22, a day earlier, gold fell by Rs 2,400 to Rs 93,600 per sovereign (Rs 11,700 per gram). Later that afternoon, it plunged further by Rs 1,280 to Rs 92,320/sovereign (Rs 11,540/gram).
On October 21, gold had risen by Rs 2,080 per sovereign to sell for Rs 97,440 (Rs 12,180/gram).
On October 17, gold was sold for Rs 97,600 (Rs 12,200/gram), the highest it has recorded this year, only to fall later.
Commenting on this, Jayantilal Challani, president, Jewellers and Diamond Traders Association of Madras, said bullion logged its steepest Diwali Muhurat drop in five years (2021–2025). While silver fell by 4.85 per cent, gold declined by 1.80 per cent this year, silver had risen by 0.90 per cent, gold by 0.56 per cent last year. “The 2025 slide marks the worst Muhurat-day print for bullion in the period,” Challani added.
Gold has seen a record rally this year as traders turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and the global trade war President Donald Trump unleashed, including on India. Gold prices have recorded a massive surge from Rs 57,200 per sovereign (Rs 7,150 per gram) at the start of the year to Rs 92,000 today (October 23), a growth of Rs 34,800, or roughly 60.8%.
Speaking to DT Next, S Santha Kumar, secretary, The Jewellers and Diamond Traders Association – Madras, said the decrease in gold price is due to the inflation prevailing in the US economy and has nothing to do with any domestic reasons.
The silver rate has also come down, as the supply is normal now, he said.
However, Santha Kumar added, the price of gold is expected to go up again by next week. “It is expected to cross Rs 1 lakh per sovereign by November.”
Silver prices fall
Silver had climbed a record Rs 200/gram this month but is now on a downward spiral. Today, on (Oct 23), a gram of silver has dipped by Re 1 to sell for Rs 174 (Rs 174,000/kilogram).
Yesterday (October 22) morning, a gram of silver sold for Rs 180 only to fall by Rs 5 to Rs 175 in the evening session.
A gram of silver was priced at Rs 98 on January 1, and today it trades at Rs 174, marking a rise of Rs 76, or 77.5%.
Gold price (22-carat) over the last five days:
October 22, 2025 - 1 sovereign: Rs 92,320, 1 gram: Rs 11,540
October 21, 2025 - 1 sovereign: Rs 96,000, 1 gram: Rs 12,000
October 20, 2025 - 1 sovereign: Rs 95,360, 1 gram: Rs 11,920
October 18, 2025 - 1 sovereign: Rs 95,600, 1 gram: Rs 11,950
October 17, 2025 - 1 sovereign: Rs 97,600, 1 gram: Rs 12,200
Silver price over the last five days:
October 22, 2025 - 1 gram: Rs 175
October 21, 2025 - 1 gram: Rs 188
October 20, 2025 - 1 gram: Rs 190
October 18, 2025 - 1 gram: Rs 190
October 17, 2025 - 1 gram: Rs 203
