Chennai saw a decline in bullion prices on Monday (March 2), with 22-carat jewellery gold falling by Rs 920 per sovereign to Rs 1,25,280. The per-gram rate slipped by Rs 115 to Rs 15,660.
Silver prices also moved lower. Silver dropped by Rs 10 per gram to Rs 315, while the per-kilogram price fell by Rs 10,000 to Rs 3.15 lakh.
The report linked recent volatility to escalating tensions in West Asia, stating that the US and Israel were carrying out attacks on Iran, and that Iran was retaliating by targeting US military bases in the region—raising concerns of wider economic impact.
Prices had risen sharply a day earlier despite a holiday for the jewellery market. On March 1, gold climbed Rs 1,800 per sovereign to Rs 1,26,200 (Rs 15,775 per gram), while silver rose to Rs 325 per gram (Rs 3.25 lakh per kg).
