Chennai saw a steep fall in 22-carat jewellery gold prices on March 19, with rates sliding in both the morning and evening sessions. The total drop for the day came to Rs 5,360 per sovereign, bringing cheer to buyers.
According to the report, the decline is linked to international investors reducing their exposure to gold, which has pushed prices lower in India. In the previous sessions, gold and silver had already been trending down.
On March 18, gold was sold at Rs 14,570 per gram and Rs 1,16,560 per sovereign, after a fall of Rs 80 per gram and Rs 640 per sovereign. Silver stood at Rs 275 per gram and Rs 2.75 lakh per kg.
On March 19 morning, gold fell to Rs 14,300 per gram and Rs 1,14,400 per sovereign. By evening, it dropped further to Rs 13,900 per gram and Rs 1,11,200 per sovereign; the report notes a cumulative fall of Rs 6,880 per sovereign over the last four days.
Silver also weakened on March 19, falling to Rs 265 per gram and Rs 2.65 lakh per kg. The report added that there was no further change in gold prices later in the evening.
