Gold prices in Chennai witnessed a sharp decline on Monday, February 2, in line with the broader fall seen across domestic and global bullion markets. The drop comes after heavy profit booking at elevated levels, a stronger US dollar, and sustained selling pressure in global commodities following macro and policy-related developments.
As per the latest rates, 24-carat gold price in Chennai today stands at Rs 15,218 per gram. 22-carat gold is priced at Rs 13,950 per gram, while 18-carat gold is trading at Rs 12,000 per gram.
In comparison to the previous session, gold prices in Chennai have corrected sharply across all purity levels. The fall mirrors weakness in international gold prices, which have come under pressure due to expectations of a relatively hawkish US Federal Reserve stance and liquidation of long positions after gold’s recent rally to record highs.
On a value basis, buyers in Chennai are seeing a significant reduction in gold costs for higher quantities as well. The correction is being closely tracked by jewellers and consumers, especially with wedding-season demand and near-term price volatility in focus.
Market participants are expected to watch movements in global bullion prices, the US dollar index, and bond yields for further cues on the direction of gold prices in Chennai over the coming sessions.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Commodity investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
