Chennai is experiencing a significant surge in gold prices as the festive spirit of Dhanteras and Diwali takes hold. The demand for gold and silver has skyrocketed, leading to substantial price increases during this auspicious time in India.
As of today, 10 grams of 24-carat (pure gold) has risen by Rs 650, reaching Rs 80,450. In contrast, 22-carat gold, commonly used for jewelry, has seen an increase of Rs 600 per 10 grams, now priced at Rs 73,450. Additionally, 18-carat gold prices have also jumped by Rs 500, reaching Rs 60,750. For larger purchases, the price of 100 grams of 24-carat gold has climbed by Rs 6,500, bringing it to Rs 8,45,000, while 100 grams of 22-carat gold has risen by Rs 6,000, currently valued at Rs 7,34,500.
Despite the rising prices, enthusiasm among buyers remains high. Local jewelers in Chennai report a notable influx of customers, both retail and wholesale, eager to purchase gold in various forms, including jewelry, coins, and bars. Gold is especially coveted during festive seasons as it symbolizes wealth, prosperity, and tradition.
The increase in gold prices is further supported by ongoing uncertainty surrounding the upcoming U.S. elections on November 5th and the anticipation of key U.S. economic data, including the PCE and payroll reports, expected to be released this week. Additionally, the declining U.S. Dollar Index is creating a favorable environment for gold, further driving its appeal among investors.
As the festive season progresses, gold continues to shine as the preferred choice for many, embodying both cultural significance and financial security.
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