Gold price increases by Rs 400 per sovereign in Chennai on November 20
From Monday, gold prices have started rising again.
Gold Jewellery displayed in a showroom in Chennai
CHENNAI: Gold price on Wednesday has increased by Rs 50 per gram, reaching Rs 7,115 per gram, while the price for a sovereign has risen by Rs 400, now costing Rs 56,920.
There has been no change in the price of silver. One gram of silver is being sold for Rs 101, and one kilogram is priced at Rs 1,01,000.
Gold prices had been increasing steadily until the end of last month (October). However, from the beginning of this month, the price has been gradually decreasing.
On Nov 1, one gram of gold was sold for Rs 7,385, and one sovereign was priced at Rs 59,080.
The decline in prices was observed following the U.S. Presidential election results and a slight reduction in geopolitical tensions related to the ongoing war.
From Monday, gold prices have started rising again.
The price increased by Rs 60 per gram and Rs 480 per sovereign on Monday.
Following this, prices continued to rise on Tuesday as well.
On Monday, one gram was sold for Rs 6,995, and one sovereign for Rs 55,960.
As of Tuesday, the price has increased by Rs 70 per gram and Rs 560 per sovereign, with one gram being sold for Rs 7,065 and one sovereign for Rs 56,520.