Gold Price Drops Sharply in Tamil Nadu; Sovereign Falls by ₹1,040
Gold prices witnessed a sharp decline on the first day of the week, with the price of a sovereign falling by ₹1,040 in Tamil Nadu. Silver prices remained unchanged amid global market developments.
Prasanth Subramani
Gold prices recorded a significant decline on the first trading day of the week, bringing relief to jewellery buyers and investors across Tamil Nadu.
According to the latest market rates, the price of 22-carat jewellery gold has decreased by ₹130 per gram, taking the rate to ₹14,070 per gram.
The price of a sovereign (8 grams) of gold has fallen by ₹1,040, with one sovereign now being sold at ₹1,12,560.
Latest Gold Rates in Tamil Nadu
- Gold Price (1 Gram): ₹14,070
- Gold Price (1 Sovereign / 8 Grams): ₹1,12,560
- Today's Change: Down ₹130 per gram and ₹1,040 per sovereign
Silver Price Remains Unchanged
While gold prices declined sharply, silver rates remained stable.
- Silver Price (1 Gram): ₹270
- Silver Price (1 Kilogram): ₹2,70,000
No change has been reported in silver prices compared to the previous trading session.
Why Are Gold Prices Falling?
Market analysts attribute the continued decline in gold prices to several international factors, including:
- Easing concerns in global safe-haven demand
- Increased investment activity in crude oil markets
- Ongoing developments related to geopolitical tensions in West Asia
- Fluctuations in global commodity and currency markets
These factors have contributed to downward pressure on international gold prices, which is being reflected in domestic bullion markets as well.
The latest decline is expected to attract buyers who were waiting for a correction in prices, particularly ahead of upcoming wedding and festive purchases. However, analysts advise investors to continue monitoring global economic and geopolitical developments, as gold prices may remain volatile in the coming weeks.
