Gold gets cheaper by Rs 1,800, sovereign costs Rs 88,800 in Chennai on October 30, 2025
Gold fell by Rs 3,000 on October 28, surged by Rs 2,000 on October 29, and dropped again by Rs 1,800 today.
CHENNAI: A day after a single-day rise of Rs 2,000, the price of 22-carat gold in Chennai plummeted by Rs 1,800 per sovereign on Thursday (Oct 30). A sovereign (8 grams) now costs Rs 88,800, with the per-gram rate standing at Rs 11,100.
After a meteoric rise, gold has now entered a seesaw phase, with sharp day-to-day fluctuations. For perspective, it fell by Rs 3,000 on October 28, surged by Rs 2,000 on October 29, and dropped again by Rs 1,800 today.
At the start of the month, on October 1, the yellow metal was priced at Rs 87,120 per sovereign (Rs 10,890 per gram). It then rose to Rs 97,600 (Rs 12,200 per gram) on October 17—the highest this year—but has since fallen to Rs 88,000 (Rs 11,100 per gram) today, a drop of Rs 8,800 per sovereign and Rs 1,100 per gram.
Speaking to Thanthi TV, Jayantilal Challani, Founder and Chairman of Challani Group. said there are multiple factors behind the sudden rise and fall in gold prices. "Central banks across the world continue to buy gold, leading to a surge in prices. The US Federal Reserve’s decision to keep gold as part of its reserves will also push prices up. Additionally, many investors are buying gold during price dips, which is another reason for the surge,” he added.
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 global trade tensions unleashed by President Donald Trump, including with India. For comparison, gold stood at Rs 57,200 per sovereign (Rs 7,150 per gram) on January 1, rising to Rs 88,800 on October 30 — a gain of Rs 31,600, or about 55%. On October 17, it had climbed to 70.6%, with a record rise of Rs 40,400 per sovereign.
Silver price continues to drop
On the other hand, silver, which had climbed a record Rs 200/gram this month, costs Rs 165 on October 30, a Re 1 price drop from the previous rate of Rs 166. Accordingly, a kilogram of silver costs Rs 165,000.
A gram of silver was priced at Rs 98 on January 1, and today it trades at Rs 165, marking a rise of Rs 67, or 68.3%.
Gold price (22-carat) over the last five days:
October 29, 2025 - 1 sovereign: Rs 90,600, 1 gram: Rs 11,325
October 28, 2025 - 1 sovereign: Rs 88,600, 1 gram: Rs 11,075
October 27, 2025 - 1 sovereign: Rs 91,600, 1 gram: Rs 11,450
October 25, 2025 - 1 sovereign: Rs 92,000, 1 gram: Rs 11,500
October 24, 2025 - 1 sovereign: Rs 91,200, 1 gram: Rs 11,400
Silver price over the last five days:
October 29, 2025 - 1 gram: Rs 166
October 28, 2025 - 1 gram: Rs 165
October 27, 2025 - 1 gram: Rs 170
October 25, 2025 - 1 gram: Rs 170
October 24, 2025 - 1 gram: Rs 170
