Gold prices in Chennai saw a sharp increase today, January 29. The rate of gold has gone up by Rs 9,520 per sovereign. With this rise, one sovereign of gold now costs Rs 1,34,400. The price per gram has also increased by Rs 1,190, taking it to Rs 16,800 per gram.
Silver prices have also gone up along with gold. The rate of silver has increased by Rs 25 per gram. One gram of silver now costs Rs 425, while one kilogram of silver is priced at Rs 4,25,000.
Gold prices in international markets keep changing every day. These changes directly affect gold rates in India and other countries. Experts say that global political and economic issues are one of the main reasons for the current price rise.
Several countries are buying and storing more gold due to uncertainties in the global economy. The United States has imposed sanctions on Russia, increased tariffs on countries like China and India, and there are also ongoing war tensions in the Middle East. Because of these problems, many nations are worried about depending too much on the US dollar for trade.
As a result, some countries are planning to use gold instead of dollars for exports and imports. This has increased the demand for gold worldwide. When demand goes up, prices also rise.
Due to these international factors, gold and silver prices are climbing steadily, affecting buyers and investors in Chennai and across India.