Gold cheaper by Rs 880/sovereign in Chennai on November 14; declines by nearly Rs 4,000 in 2 weeks

CHENNAI: Continuing its recent downward trend, the price of 22-carat gold in Chennai dropped by Rs 110 per gram on November 14.

Gold is now priced at Rs 6,935 per gram, recording a fall of Rs 880 per sovereign, bringing the current rate to Rs 55,480 per sovereign.

In the past 14 days, gold price has witnessed a decline of Rs 3,840 per sovereign.

This stands in stark contrast with the trend in October, when gold price was recording all-time highs, finally reaching as high as Rs 59,520 on October 30. At that time, gold was poised to touch Rs 60,000 per sovereign. However, it has been on a downward spiral since then.

Analysts suggest the dip in gold price mirrors global weak cues after Donald Trump's victory in the US presidential election, which has fuelled economic optimism and strengthened the US dollar.

Further, Trump's policies are expected to drive inflation higher, softening expectations for significant rate cuts by the US Federal Reserve, and also ease geopolitical tensions in the Middle East — all this has contributed to the correction in gold prices, they added.

Meanwhile, silver prices also saw a slight decrease, with one gram now selling at Rs 99, down by Rs 2.