Gold price rally continues in Chennai, hits all-time high of Rs 95,200 per sovereign on Oct 16

CHENNAI: Continuing its breakneck climb, the price of 22-carat gold in Chennai rose on Thursday (Oct 16), reaching Rs 95,200 per sovereign (1 sovereign = 8 gram). Accordingly, the per-gram rate rose by Rs 320 to Rs 11,900.

On October 15 (Wednesday), gold rose by reaching a record Rs 94,880, while the gram rate increased by Rs 280 to Rs 11,860

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 95,200 today (October 16), a massive surge of Rs 38,000, or roughly 66.4%

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.

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.

Silver soars

On the other hand, silver prices decreased by Re 1, and now cost Rs 206/gram.

A gram of silver was priced at Rs 98 on January 1, and today it trades at Rs 206, marking a rise of Rs 108, or 110%. This means a kilogram of silver has increased from Rs 98,000 to Rs 2,06,000.

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

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

October 11, 2025 - 1 sovereign: Rs 92,000, 1 gram: Rs 11,500

October 10, 2025 - 1 sovereign: Rs 90,720, 1 gram: Rs 11,340

Silver price over the last five days:

October 15, 2025 - 1 gram: Rs 207

October 14, 2025 - 1 gram: Rs 206

October 13, 2025 - 1 gram: Rs 197

October 11, 2025 - 1 gram: Rs 190

October 10, 2025 - 1 gram: Rs 187