Gold Price Drops ₹1,120 per Sovereign in Tamil Nadu; Relief for Jewellery Buyers
Gold prices in Tamil Nadu dropped sharply by ₹1,120 per sovereign on Saturday. One sovereign now costs ₹1,18,080, bringing relief to jewellery buyers and shops.
Prasanth Subramani
Gold prices in Tamil Nadu recorded a sharp decline on Saturday morning, bringing some relief to jewellery buyers and traders across the state. The price of gold fell by ₹1,120 per sovereign, with the current rate standing at ₹1,18,080 per sovereign. The price per gram of gold is now ₹14,760.
Gold prices have been witnessing continuous fluctuations throughout the week. At the start of the week, a sovereign of gold was priced at ₹1,19,600. The rate then increased during the middle of the week, rising to ₹1,20,400 on Tuesday and further climbing to ₹1,20,960 on Wednesday.
However, the rising trend did not last long. On Thursday, gold prices dropped by ₹1,200 per sovereign, bringing the price down to ₹1,19,760. The decline continued on Friday as gold was sold at ₹1,19,200 per sovereign.
On Saturday, which is the final trading day of the week, gold prices witnessed another significant fall of ₹1,120 per sovereign. As a result, gold is currently being sold at ₹1,18,080 per sovereign in Tamil Nadu jewellery markets.
Silver prices have also dropped significantly. The price of silver fell by ₹10 per gram and is currently being sold at ₹280 per gram. The price of one kilogram of silver now stands at ₹2,80,000.
Jewellery shop owners and traders in Tamil Nadu say that such price drops often encourage customers to purchase gold ornaments, especially for weddings and festive occasions. Buyers are closely watching daily gold rate movements as market prices continue to fluctuate based on global trends and currency changes.
