Gold price surge by Rs 85/gram; sovereign to cost ₹51,640 in Chennai

CHENNAI: In Chennai, the price of 22-carat gold has surged by Rs 680 per sovereign and is sold at Rs 51,640 on Monday.

Gold price in Tamil Nadu has hit all-time high in the recent times. Following this, the price has increased further.

Accordingly, the rise in price per gram of gold is Rs 85, taking 1 gram of gold to be sold at Rs 6,455.

The demand for gold in the domestic market is fuelled by the need for precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery. However, jewellers are of the view that the soaring gold prices may dampen this demand. This is also reflected in the declining imports of the precious metal, according to them.