Chennai saw a fresh decline in 22-carat jewellery gold prices on March 17, with the rate falling by Rs 480 per sovereign to Rs 1,17,200. The per-gram price slipped by Rs 60 to Rs 14,650.
The drop is linked to international investors reducing exposure to gold, which has pushed prices lower in India as well. In Tamil Nadu, on Saturday, 22-carat gold was sold at Rs 14,760 per gram and Rs 1,18,080 per sovereign.
On March 16, gold had already eased, with the per-gram price down by Rs 50 to Rs 14,710 and the sovereign rate down by Rs 400 to Rs 1,17,680. Over the last two days, the sovereign price has fallen by a total of Rs 880.
Silver prices moved in the opposite direction on March 17. After falling to Rs 276 per gram on March 16, silver rose by Rs 4 to Rs 280 per gram, while the kilogram rate increased by Rs 4,000 to Rs 2.80 lakh.
