Chennai saw another sharp drop in gold prices on Tuesday (March 18), with 22-carat jewellery gold falling by Rs 640 per sovereign to Rs 1,16,560. The per-gram rate declined by Rs 80 to Rs 14,570.
The report attributed the continuing decline to international investors reducing their exposure to gold, which has reflected in lower domestic prices.
In recent days, the slide has been steady. On March 16, gold fell by Rs 50 per gram to Rs 14,710 and by Rs 400 per sovereign to Rs 1,17,680, while silver eased to Rs 276 per gram.
On March 17, gold dropped again to Rs 14,650 per gram and Rs 1,17,200 per sovereign. Over the last three days, the cumulative fall in gold has reached Rs 1,520 per sovereign.
Silver also weakened on March 18, slipping by Rs 5 per gram to Rs 275, and by Rs 5,000 per kg to Rs 2,75,000.
