Gold price continues to spike; sovereign costs Rs. 59,640 in Chennai on Deepavali
The price went up by Rs 520 per sovereign to take it to Rs 59,520 – Rs 7,440 per gram.
Customers at a gold jewellery shop in city
CHENNAI: The record-breaking rally of gold continued on Friday, with the price of the yellow metal touching Rs 59,640 per sovereign in Chennai.
On Thursday, the price went up by Rs 520 per sovereign to take it to Rs 59,520 – Rs 7,440 per gram.
October 29 was celebrated as Dhanteras - an auspicious day ahead of Deepavali festival – which Hindus, especially from other parts of the country, consider as a good day to buy gold and silver.
Incidentally, barring minor fluctuations, gold price has been on the rise this month, crossing the Rs 57,000 and Rs 58,000-mark earlier in October.
The price of one sovereign of gold had gone above Rs 57,000 on October 17, and then went even higher to Rs 58,000 just three days later on October 19.
It is also reported that price is expected to continue to rise in November, too.