Chennai: The price of 22-carat jewellery gold fell sharply on August 29. At the start of morning trading, the price dropped by ₹2,360 per sovereign (8 grams).
Gold prices are influenced by international economic and political conditions, crude-oil prices, the rupee’s value against the US dollar, investment demand, and global stock-market performance. India remains one of the world’s leading gold-importing countries. The US–Iran conflict has also affected the global economy and international gold trade.
In May, the Central Government raised the customs duty on gold from 6% to 15%, contributing to continued price fluctuations. Yesterday, gold had fallen by ₹600 per sovereign in the morning before rising ₹1,200 in the evening.
Today’s prices in Chennai
- 22-carat gold: down ₹295 per gram to ₹14,505; down ₹2,360 per sovereign to ₹1,16,040
- 24-carat gold: down ₹322 per gram to ₹15,824
- 18-carat gold: down ₹295 per gram to ₹12,275
- Silver: down ₹5 per gram to ₹260; silver bars down ₹5,000 per kg to ₹2,60,000
