Chennai: The price of gold in Chennai has increased by Rs 1,080 per sovereign since Saturday and presently it is being sold at almost Rs 60,000 per sovereign.
On Friday, price of gold jewellery in Chennai increased by Rs 60 per gram to Rs 7,450 and by Rs 480 per sovereign to Rs 59,600. On the other hand, one gram of silver is being sold at Rs 104 while the price of a kilogram of silver bar is Rs 1,04,000.
Speaking to ETV Bharat, Shanthakumar, general secretary of the Chennai Gold and Diamond Dealers Welfare Association, said price of gold is currently rising due to its demand in the international market and dip in the value of Indian rupee along with the tendency of investors from other sectors to invest in gold. He said that the price of gold will touch Rs 8,000 per gram by March 31.
People are investing in gold, believing that other sectors will ultimately witness a decline while global investors are investing in gold as they feel that will provide better profits and security than real estate and finance, he said.
Since the stock market is not witnessing any further rise, investors are preferring to invest in gold, resulting which, its price may rise in the coming days, he added.
No matter what the income level is, gold always lures Indians and people tend to keep a certain portion of their total investment in the yellow metal. Also, gold takes a centre stage when it comes to weddings or festivals and all auspicious occasions.
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