Gold prices in Chennai edged up on Friday (March 7) after falling for five consecutive days. The price of 22-carat jewellery gold increased by Rs 720 per sovereign to Rs 1,20,400, while the per-gram rate rose by Rs 80 to Rs 15,050.
The report attributed recent volatility to the ongoing conflict involving the US and Israel against Iran, with Iran responding in return. Gold and silver had surged last week as tensions escalated, before easing over the following days.
On March 3, jewellery gold was quoted at Rs 15,465 per gram and Rs 1,23,720 per sovereign, while silver was at Rs 315 per gram. Prices then declined over the next sessions, including a sharp drop on March 6 when gold fell to Rs 1,19,680 per sovereign and Rs 14,960 per gram.
Silver prices were steady on March 7 at Rs 290 per gram and Rs 2.90 lakh per kg. Despite Friday’s rebound, gold has fallen by Rs 6,520 per sovereign over the past five days, the report said.
