Gold price spikes by ₹105/gram, sovereign now cost Rs 52,920 in Chennai
The demand for gold in the domestic market is fuelled by the need for the precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery.
Representative image (File Photo)
CHENNAI: The price of 22-carat gold on Saturday has increased by Rs 840 per sovereign with the yellow metal being sold at Rs 52,920/sovereign.
Gold price in Tamil Nadu has hit all-time high in recent times, increasing the price of gold only further.
Accordingly, the price of gold per gram is increased by Rs 105 and being sold at Rs 6,615/gram.
On Friday, the price of gold had decreased by Rs 280 per sovereign.
Silver price also has been spiked by Rs 2/gram and sold at Rs 87 per gram.
The demand for gold in the domestic market is fuelled by the need for the precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery.
However, jewellers feel the soaring gold prices may dampen this demand. This is also reflected in the declining imports of the precious metal, according to them.