Chennai: Gold jumps to Rs 1.24 lakh per sovereign, gram above Rs 15,000 on January 28 afternoon

CHENNAI: Gold prices in Chennai rose sharply on Wednesday afternoon (January 28, 2026), gaining Rs 2,240 per sovereign (8 grams) and Rs 280 per gram. 

The price of 22-carat gold rose from Rs 1,22,640 per sovereign (Rs 15,330 per gram) in the morning to Rs 1,24,880 per sovereign (Rs 15,610 per gram) by afternoon.

Overall, gold jumped by Rs 5,200 per sovereign in a single day, rising from Rs 1,19,680 per sovereign on Tuesday (January 27) to Rs 1,24,880 per sovereign on Wednesday.

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

Gold remains significantly higher compared to last year. Prices have surged from Rs 60,080 per sovereign (Rs 7,510 per gram) on January 28, 2025, to Rs 1,24,880 per sovereign (Rs 15,610 per gram) on January 28, 2026, afternoon, marking an increase of Rs 64,800, or about 107.8%.

Silver remains stable

Meanwhile, silver prices remained the same on January 28 afternoon, continuing to sell for Rs 400 per gram (Rs 4,00,000 per kg). A gram had cost Rs 387 per gram on January 27.

Why are gold and silver prices on the rise?

Analysts said gold and silver prices are being driven higher by a weaker US dollar,  rising geopolitical tensions, central bank buying, and heightened policy uncertainty under the Trump administration. President Donald Trump’s remarks playing down concerns over the dollar, his indication that he would soon name a new Federal Reserve chair, and fresh tariff threats, including moves targeting Canada and higher duties on automobiles, pharmaceuticals and lumber, have unsettled markets.

Silver has also benefited from strong industrial demand from solar power, electric vehicles, data centres and electronics.

Meanwhile, the two-day US Federal Open Market Committee meeting is underway, with interest rates expected to remain unchanged, though markets are betting on rate cuts later this year. 

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

January 27, 2026: 1 Sovereign- Rs 1,19,680 | 1 gram- Rs 14,960

January 26, 2026: 1 Sovereign- Rs 1,20,200 | 1 gram- Rs 15,025

January 24, 2026: 1 Sovereign- Rs 1,16,400 | 1 gram- Rs 14,650

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

Silver price over the last five days:

January 27, 2026: 1 gram- Rs 387

January 26, 2026: 1 gram- Rs 376

January 24, 2026: 1 gram- Rs 355

January 23, 2026: 1 gram- Rs 345

January 22, 2026: 1 gram- Rs 340