Chennai Gold Prices Soar Amid Global Uncertainty
Gold prices surged in Chennai on Tuesday, rebounding from yesterday's decline. The rally came amid global geopolitical uncertainty and a weaker US dollar.
The price of 22-carat gold increased by ₹300 per gram to ₹14,250, making one sovereign (8 grams) worth ₹1,14,000. Pure gold saw an even sharper rise, increasing by ₹327 to ₹15,545 per gram.
Silver also jumped in price, with a ₹10 per gram increase to ₹260 and a kilogram of silver now costing ₹2.60 lakh.
The global bullion prices received support from the softer US dollar and continued geopolitical uncertainty. Investors are closely watching developments surrounding the US-Iran situation and the Strait of Hormuz, which could influence crude oil prices and broader market sentiment.
Markets are also awaiting the latest Consumer Price Index (CPI) and Producer Price Index (PPI) figures for clues about the US Federal Reserve's future interest-rate decisions. The current environment remains supportive of gold, but the sharp rise also indicates higher short-term volatility.