Chennai gold price plunges Rs 3,680 in a day, silver rates also drop in noon trade on Oct 22
Planning to buy gold today? Check out the latest gold rates in Chennai before you head to the jewelers.
CHENNAI: Amid a pause from its week-long breakneck climb, the price of 22-carat gold in Chennai fell by Rs 3,680 per sovereign on Wednesday afternoon (Oct 22). A sovereign (1 sovereign = 8 gram) now costs 92,320. The per-gram rate has dipped by Rs 85 to Rs 11,540.
Today morning, gold had plunged by Rs 2,400 with a sovereign costing 93,600 and a gram Rs 11,700.
A day earlier, on October 21, gold had risen by Rs 2,080 per sovereign to sell for Rs 97,440 (gram: Rs 12,180), only to fall by Rs 1,440 in the evening session, reaching Rs 96,000 per sovereign (gram: Rs 12,000).
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.
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. Bullion is on track for its best year since 1979, when the Tehran revolution impacted global markets. Silver, too, had climbed to all-time highs, boosted by a weak dollar and strong central bank and investment buying, but is now on a decline.
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 92,320 today (October 22), a growth of Rs 35,120, or roughly 61.3%.
From Rs 57,200 per sovereign on January 1, gold touched Rs 63,240 by February 5, and Rs 66,400 by March 14 after a single-day gain of Rs 1,440. On April 22, it jumped Rs 2,200 to Rs 74,320. The Rs 75,000 mark was crossed twice — on July 23 and August 6, at Rs 75,040. In September alone, gold prices surged by over Rs 9,000. From Rs 77,640 per sovereign (Rs 9,705 per gram) on September 1, it soared to Rs 86,880 per sovereign (Rs 10,860 per gram) on September 30, marking a rise of Rs 9,240 per sovereign and Rs 1,155 per gram.
Speaking to DT Next, S Santha Kumar, secretary, the Jewellers and Diamond Traders Association - Madras had earlier predicted that gold is likely to cross Rs 12,500 per gram (Rs 1 lakh per sovereign) before the end of December. "The demand has come down due to the price hike, but the rate would increase again, and those considering it as an investment should purchase it now," he recommended.
On the other hand, silver prices, which had crossed a record Rs 200/gram this month, are now on a decline. Today (Oct 22), silver dipped by Rs 5 and costs Rs 175/gram (Rs 180,000/kilogram). Today morning, a gram of silver sold for Rs 180 only to fall by Rs 5 to Rs 175 in the evening session.
On the other hand, silver prices, which had crossed a record Rs 200/gram this month, are now on a decline. In the afternoon session today, silver dipped by Rs 5 and costs Rs 175/gram (Rs 175,000/kilogram). In the morning, a gram of silver had cost Rs 180.
A gram of silver was priced at Rs 98 on January 1, and today it trades at Rs 175, marking a rise of Rs 77, or 78.57%.
Gold price (22-carat) over the last five days:
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
October 16, 2025 - 1 sovereign: Rs 95,200, 1 gram: Rs 11,900
Silver price over the last five days:
October 20, 2025 - 1 gram: Rs 182
October 20, 2025 - 1 gram: Rs 190
October 18, 2025 - 1 gram: Rs 190
October 17, 2025 - 1 gram: Rs 203
