Gold crosses Rs 75,000/sovereign in Chennai, poised for further hike
Silver price also heads north with Rs 129 per gram, while 18 carat gold was sold at Rs 7,730.
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CHENNAI: Gold price sets a new record and crosses Rs 75,000 per sovereign in the city. One gram of 22 carat gold was sold at Rs 9,380 on Wednesday.
Silver price also heads north with Rs 129 per gram, while 18 carat gold was sold at Rs 7,730. Last year on the same day, gold price was Rs 6,810 per gram, with an increase of Rs 2,570 and an increase of Rs 20,560 per sovereign in a year.
On January 1, the gold costs per gram was Rs 7,150 and has increased by Rs 2,230. "The rate hike was expected. For one or two weeks, the price hike would continue and will remain steady thereafter. Currently the price hike is due to fluctuations in the international markets and not due to any domestic factors. There is a decent sale, and when the rate increases, the demand also increases. It is anticipated to cross Rs 80,000 per sovereign by the year end,” said gold guru Shanthakumar, secretary, Madras Jewellers and Diamond Traders Association.
After a few months, when it's festival season like Deepavali, the rate would increase in the Chennai markets.
Meanwhile, traditional goldsmiths in Sowcarpet complain about the poor business. "Sellers in Edapalayam have been seeing diminishing business over the years. Consumers currently prefer lightweight jewellery, and we are unable to manufacture it using our hands. Those are machine-made jewellery and are gaining huge popularity among consumers," noted a gold smith from Sowcarpet.
