Ahead of Diwali, gold price at Rs 96,000/sovereign in Chennai

CHENNAI: Continuing its breakneck climb, the price of 22-carat gold in Chennai rose by Rs 400 on Saturday afternoon (Oct 18), reaching Rs 96,000 per sovereign (1 sovereign = 8 grams). Accordingly, the per-gram rate rose by Rs 50 to Rs 12,000.

This morning, gold dropped by Rs 2000 on October 18 (Saturday) reaching Rs 95,600 per sovereign (1 sovereign = 8 gram). Accordingly, the per-gram rate dipped by Rs 250 to Rs 11,950.

A day earlier, on October 17, gold rose by Rs 2,400 to sell for Rs 97,600 (per gram: Rs 12,200).

Gold has seen a record rally this year as traders turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and the global trade war President Donald Trump unleashed, including on India. Bullion is on track for its best year since 1979, when the Tehran revolution impacted global markets. Silver has also climbed to all-time highs, boosted by a weak dollar and strong central bank and investment buying.

Gold prices have surged from Rs 57,200 per sovereign (Rs 7,150 per gram) at the start of the year to Rs 96,000 today (October 18), a surge of Rs 38,800, or roughly 67.8%.

From Rs 57,200 per sovereign on January 1, gold touched Rs 63,240 by February 5, and Rs 66,400 by March 14 after a single-day gain of Rs 1,440. On April 22, it jumped Rs 2,200 to Rs 74,320. The Rs 75,000 mark was crossed twice — on July 23 and August 6, at Rs 75,040. In September alone, gold prices surged by over Rs 9,000. From Rs 77,640 per sovereign (Rs 9,705 per gram) on September 1, it soared to Rs 86,880 per sovereign (Rs 10,860 per gram) on September 30, marking a rise of Rs 9,240 per sovereign and Rs 1,155 per gram.

Silver remains stable and is priced at Rs 190 per gram.

Speaking to DT Next, S Santha Kumar, secretary, the Jewellers and Diamond Traders Association - Madras had earlier predicted that gold is likely to cross Rs 12,500 per gram (Rs 1 lakh per sovereign) before the end of December. "The demand has come down due to the price hike, but the rate would increase again, and those considering it as an investment should purchase it now," he recommended.

Gold price (22-carat) over the last five days:

October 17, 2025 - 1 sovereign: Rs 97,600, 1 gram: Rs 12,200

October 16, 2025 - 1 sovereign: Rs 95,200, 1 gram: Rs 11,900

October 15, 2025 - 1 sovereign: Rs 94,880, 1 gram: Rs 11,860

October 14, 2025 - 1 sovereign: Rs 94,600, 1 gram: Rs 11,825

October 13, 2025 - 1 sovereign: Rs 92,640, 1 gram: Rs 11,580

Silver price over the last five days:

October 17, 2025 - 1 gram: Rs 203

October 16, 2025 - 1 gram: Rs 206

October 15, 2025 - 1 gram: Rs 207

October 14, 2025 - 1 gram: Rs 206

October 13, 2025 - 1 gram: Rs 197