Chennai buyers shocked by a ₹2,000 jump in gold prices: Report

Price of 22-carat gold in Chennai jumped by ₹2,000 in a single day on Wednesday, October 29. At first, the price of the precious metal increased by ₹1,080 per sovereign (8 grams) on Wednesday morning. This was followed by a ₹920 hike in the evening, resulting in its rise of ₹2,000 in a single day, according to Dinamalar.

Gold price in Tamil Nadu

Over the past few days, gold prices have fluctuated dramatically in the state. On October 17, 22-carat gold was being sold for ₹12,200 per gram and ₹97,600 for sovereigns. But the prices have witnessed a decline since last week, Dinamalar reported.

According to DT Next, gold prices came down by ₹3,000 in a single day in Chennai on October 28.

On Tuesday morning, the gold price declined by ₹1,200 to ₹90,400 per sovereign. Towards the evening, it further dropped by ₹1,800 and reached ₹88,600.

On October 27, gold was being sold in Chennai at ₹11,450 per gram and sovereign at ₹91,600.

In the morning of October 29, the price of 22-carat gold increased by ₹1,080 to reach ₹89,680 per sovereign. This means the precious metal was being sold for ₹11,210 per gram in the city.

Later in the day, it witnessed another jump of ₹920, taking the price of sovereign gold to ₹90,600 (₹11,325 per gram).

Fall in gold prices

On Wednesday, prices for gold steadied after witnessing a decline for three consecutive days.

The yellow metal was hovering around $3,950 per ounce in the international bullion markets, Bloomberg reported.

In India, the gold price declined by more than ₹20,000 from its peak of ₹1.41 lakh on October 18. It has now come down to around ₹1.2 lakh per 10 grams for 24K gold.

As per Moneycontrol, the recent changes in gold prices are mainly due to the renewed optimism surrounding talks between US President Donald Trump and his Chinese counterpart, Xi Jinping. Investors are hoping for a breakthrough which could go on to ease the trade tensions between the two sides.