Gold price holds steady at Rs 90,400 per sovereign in Chennai on Oct 31
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CHENNAI: After a week of sharp fluctuations, gold prices in Chennai remained stable on Friday (October 31), with no change from Thursday’s evening rate. The price of 22-carat gold continues to stand at Rs 90,400 per sovereign (8 grams) and Rs 11,300 per gram.
On Thursday, the yellow metal had climbed by Rs 1,600 per sovereign after dropping Rs 1,800 earlier in the day. However, prices have now steadied following a series of steep ups and downs throughout the week.
After falling by Rs 3,000 on October 28, gold prices surged by Rs 2,000 on October 29, dropped again by Rs 1,800 on Thursday morning, and later climbed back to Rs 90,400 by evening.
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 90,400 per sovereign and Rs 11,300 per gram today (October 31).
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 90,400 on October 30 — a gain of Rs 33,200, or about 58%. On October 17, it had climbed to 70.6%, with a record rise of Rs 40,400 per sovereign.
Meanwhile, silver prices, which had climbed to a record Rs 200/gram in October, also held steady on Friday.
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 30, 2025 - 1 sovereign: Rs 90,400, 1 gram: Rs 11,300
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
Silver price over the last five days:
October 30, 2025 - 1 gram: Rs 165
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
