Chennai gold price picks up again, rises by Rs 2,560 per sovereign in a single day on Feb 3, 2026

Planning to buy gold today? Check out the latest gold rates in Chennai before you head to the jewellers

Image of a woman buying gold used for representative purposes(Photo: PTI)

Published on:

03 Feb 2026, 11:05 am

CHENNAI: Gold prices witnessed a sharp surge today (Feb 3), with the rate increasing by Rs 2,560 per sovereign in a single day.

Gold prices increased this morning by Rs 80 per gram, taking the price to Rs 14,030 per gram, while the price of a sovereign rose by Rs 640 to Rs 1,12,240.

Following this, gold rates surged sharply again. The price climbed by an additional Rs 240 per gram to Rs 14,270, and by Rs 1,920 per sovereign to Rs 1,14,160.

Silver prices high

Similar to gold, silver prices also witnessed fluctuations during both the morning and evening sessions.

After recording a dip in the morning (Rs 280 per gram), silver rates have now increased by Rs 20 per gram, taking the price to Rs 300 per gram, while bar silver is being sold at Rs 3 lakh.

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

Gold remains significantly higher compared to last year. Prices have surged from Rs 61,640 per sovereign (Rs 7,705 per gram) on February 3, 2025, to Rs 1,14,160 per sovereign (Rs 14,270 per gram) on February 3, 2026, marking an increase of Rs 52,520 or about 117.3%.

Silver rate today vs silver rate on this day, last year

Silver prices have climbed far faster than gold on a year-on-year basis. While gold prices rose by about 92.7% over the past year, silver recorded a much steeper increase of around 227%.

Silver cost Rs 107 per gram on February 3, 2025. By February 3, 2026, the price had risen to Rs 300 per gram, an increase of Rs 193 per gram.

Why are gold and silver prices on the rise?

Analysts said gold and silver prices have been volatile due to shifting global cues. While a weaker dollar, rising geopolitical tensions, central bank buying, and policy uncertainty under the Trump administration had earlier supported prices, the dollar strengthened after President Donald Trump nominated a new Federal Reserve chair, weighing on precious metals worldwide.