Gold price in Chennai rises Rs 160 to Rs 72,640 per sovereign on June 3

Gold prices in Chennai have seen a steady rise, with the rate increasing by Rs 160 per sovereign on June 3 to reach Rs 72,640. The gram price currently stands at Rs 9,080, reflecting ongoing market fluctuations.

This increase follows a significant surge on June 2, when prices jumped by Rs 880 in the evening, pushing the sovereign price from Rs 71,600 in the morning to Rs 72,480. These movements come after a period of volatility, including an all-time high on April 22, when gold hit Rs 74,320 per sovereign, a sharp rise of Rs 2,200 compared to the previous day.

Market analysts attribute these fluctuations to global economic factors and local demand variations. The recent upward trend indicates cautious optimism among investors, despite the price not yet returning to the April peak.

"The gold market remains volatile, but the current price rise reflects steady demand in Chennai," said a local jeweler.

Overall, the gold price movements in Chennai highlight the dynamic nature of the precious metals market, with prices responding quickly to both international and domestic influences.

Gold prices in Chennai rose by Rs 160 per sovereign on June 3, reaching Rs 72,640. The gram price is Rs 9,080. This follows a recent surge of Rs 880 on June 2 and fluctuating rates since an all-time high of Rs 74,320 on April 22.