Gold price in Chennai rises by Rs 16,680 since January 1, 2025
Market insiders say customers are not just buying jewellery but are also investing in gold coins through direct purchase and gold saving schemes
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CHENNAI: As the war between Israel and Iran booms and anticipating a price surge soon, the interest in gold has risen among the public, and many have been recently investing in gold coins. Market insiders say customers are not just buying jewellery but are also investing in gold coins through direct purchase and gold saving schemes.
A Chennai-based jeweller shared that many across the globe tend to invest in gold during times of war. "As far as gold jewellery is concerned, it always has value. The price of gold has been increasing for the last 3 years. Currently, the price of gold has increased due to the Iran-Israel war. Due to this, investment in gold has increased. The price is likely to increase more in the future," said the jeweller.
Gold Guru Shanthakumar, secretary, Madras Jewellers and Diamond Traders Association, "The price of gold is currently selling above Rs 9,200 per gram, and there is a possibility that it will go up to Rs 10,000 if the war continues."
The current price of gold in Chennai is Rs 74,000 per sovereign and Rs 9,210 per gram. Compared to last June, the price of gold has increased by Rs 22,000 per sovereign. The gold price has risen sharply in the last two years. On January 1, 2024, a sovereign of gold was sold for Rs 46,340. In June last year, a sovereign of gold crossed Rs 52,000. On January 1 this year, a sovereign was priced at Rs 57,200.
The fluctuating price of India is tied to the fluctuations in the global market, the value of the US dollar, import costs, interest rates on bank deposits, economic stability, seasonal prices, inflation and demand growth, gold retailers said.
