Gold sovereign may cost Rs 65,000 soon in Chennai

CHENNAI: The price of a sovereign in the city on Thursday was just Rs 40 shy of Rs 65,000. The price of gold per gram reached Rs 8,120, and a sovereign cost Rs 64,960 on March 13.

Similarly, the price of silver rose to Rs 110 per gram on Thursday. Gold prices were listed at Rs 8065 per gram and Rs 64,520 per sovereign on Wednesday, seeing a hike of Rs 55 and Rs 440, respectively.

‘Gold Guru’ Santhakumar, secretary of The Jewellers and Traders of Association of Madras, opined that the gold rate might touch Rs 65,000 by the weekend. He said, “The customers have to pay around Rs 73,000 per sovereign, which includes the making and GST charges for the amount of Rs 65,000. The rate may reach Rs 80,000 by year-end. Gold prices will increase again after Akshaya Tritiya, which falls on April 30.”

“The silver rate also saw a hike and would reach Rs 140 per gram by the end of this year. There is an increased demand among the customers for silver utensils,” Santhakumar added. Despite the surge, goldsmiths of Broadway complain of poor business. “Customers go to jewellers as they present a lot of offers. We are struggling without any business,” rued a goldsmith. The year began with a gram of gold being priced at Rs 7,150 and it has been constantly surging since.