Chennai: In Chennai today (Thursday), the price of 22-carat jewellery gold has fallen below Rs. 13,000 per gram, bringing a pleasant surprise to jewellery lovers.
For the past few days, gold prices have been steadily declining. In that sense, the price of 22-carat jewellery gold has fallen by more than ₹3,000 per sovereign in just the last 2 days, offering some relief to middle-class people who have been struggling to afford jewellery.
The price of gold is determined based on factors such as the international economic and political situation, crude oil prices, the value of the Indian rupee against the US dollar, investment in gold, and the performance of global stock markets.
Gold prices rose by Rs. 160 per sovereign last Saturday and by Rs. 760 per sovereign on Monday. In this situation, on Tuesday the price fell by Rs. 360 per sovereign, and on Wednesday the gold price has fallen by Rs. 1,560 per sovereign.
Today’s price details
In Chennai, as soon as trading began this morning, the price of 22-carat jewellery gold fell by Rs. 200 per gram and is being sold at Rs. 12,815 per gram, while the price per sovereign fell by Rs. 1,600 and is being sold at Rs. 1,02,520 per sovereign.
The price of 24-carat gold has fallen by Rs. 218 per sovereign and is being sold at Rs. 1,11,840 per sovereign.
The price of 18-carat gold has fallen by Rs. 160 per sovereign and is being sold at Rs. 83,920 per sovereign.
There is no change in silver prices today. Silver is selling at Rs. 200 per gram, and bar silver at Rs. 2,00,000 per kilogram.
What is the reason for the price drop?
Market experts say there are five reasons for the continued decline in gold prices.
Market experts list the following as reasons for the decline in gold prices: the value of the US dollar has risen to its highest level in 19 months, reducing demand for gold in the international market; inflation in the United States has increased more than expected, raising expectations that the US Federal Reserve may increase interest rates; interest rates on US government bonds have risen, reducing investment in non-interest-bearing gold; with gold prices having reached an all-time high, investors are selling gold to book profits; and, as international tensions have eased, the number of people investing in gold as a safe haven has decreased.
