Chennai: In Chennai today (August 5), the price of 22-carat jewellery gold rose twice in a single day, once in the morning and again in the evening. As of the evening, it is being sold at Rs. 2,240 higher per sovereign.
In Chennai, as soon as trading began this morning, the price of 22-carat jewellery gold rose by Rs. 160 per gram, selling at Rs. 13,360 per gram and Rs. 1,06,880 per sovereign, up by Rs. 1,280 per sovereign.
In this situation, prices rose again in the evening. Accordingly, the price of 22-carat gold increased by another Rs. 120 per gram, selling at Rs. 13,480 per gram, and by Rs. 960 per sovereign, selling at Rs. 1,07,840 per sovereign.
The price of silver rose by Rs. 5 per gram in the morning to Rs. 240 per gram, and bulk silver rose by Rs. 5,000 per kilogram to Rs. 2,40,000 per kilogram. The same price continues now as well.
Background to the price increase:
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 activity in global stock markets.
India is among the leading countries in the world in importing gold. The impact of the conflict between the United States and Iran is reverberating through the global economy. It has affected gold sales at the international level.
Last May, the central government raised the customs duty on gold from 6 percent to 15 percent. Since then, it is noteworthy that gold prices have been fluctuating continuously. Yesterday (Tuesday), the price of gold had fallen by Rs. 400 per sovereign. In this situation, it has risen twice in a single day today.
