After crossing Rs 87K per sovereign, gold price in Chennai records drop on Oct 2

CHENNAI: After a relentless rally over the past few days, the price of 22-carat gold in Chennai decreased by Rs 560 per sovereign (1 sovereign = 8 grams) on October 2 (Thursday), bringing the cost to Rs 87,040 per sovereign. Accordingly, the per-gram rate dropped by Rs 70 to Rs 10,600.

On October 1 (Wednesday), the price of the yellow metal had increased by Rs 480, selling for Rs 87,600 a sovereign (Rs 10,950/gram).

While the gold price has been inching forward for most of the year, what triggered the recent rally is the trade war that US President Donald Trump unleashed on the world, including India.

Gold has surged 52.2% this year, jumping from Rs 57,200 at the start of the year to Rs 87,120 per sovereign yesterday.

From Rs 57,200 per sovereign on January 1, it 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, prices increased 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.

On the other hand, the price of silver increased by Rs 2, and is sold for Rs 163/gram today.

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

October 1, 2025 - 1 sovereign: Rs 87,600, 1 gram: Rs 10,950

September 30, 2025 - 1 sovereign: Rs 86,880, 1 gram: Rs 10,860

September 29, 2025 - 1 sovereign: Rs 85,600, 1 gram: Rs 10,700

September 27, 2025 - 1 sovereign: Rs 85,120, 1 gram: Rs 10,640

September 26, 2025 - 1 sovereign: Rs 84,400, 1 gram: Rs 10,550

Silver price over the last five days:

October 1, 2025 - 1 gram: Rs 161

September 30, 2025 - 1 gram: Rs 161

September 29, 2025 - 1 gram: Rs 160

September 27, 2025 - 1 gram: Rs 159

September 26, 2025 - 1 gram: Rs 153