Gold & Silver Price In Chennai Today: Is It Costlier Or Cheaper On February 3?

Gold and silver prices in Chennai witnessed a marginal decline on Tuesday, February 3, reflecting continued volatility in the precious metals market after sharp corrections over the past week. While gold slipped by just ₹1 per gram across all purities, silver prices saw a steeper fall, dropping ₹20 per gram and ₹20,000 per kilogram, offering some relief to buyers ahead of the wedding and festive season.

As per today's rates, 24-carat gold in Chennai is priced at ₹15,217 per gram, down from ₹15,218 recorded on Monday. 22-carat gold, which is widely used for jewellery, is selling at ₹13,949 per gram, while 18-carat gold stands at ₹11,999 per gram, each marking a marginal decline of ₹1 per gram from the previous day.

In terms of bulk purchases, 10 grams of 24-carat gold costs ₹1,52,170, while 100 grams is priced at ₹15,21,700, reflecting a decline of ₹10 and ₹100 respectively. Similarly, 22-carat gold is priced at ₹1,39,490 for 10 grams and ₹13,94,900 for 100 grams, both slightly lower compared to Monday's levels.

Market data over the last 10 days indicates that gold prices in Chennai have undergone a sharp correction after touching recent highs in late January. On January 29, 24-carat gold had surged to ₹18,328 per gram before witnessing a consistent downward trend. From January 30 onwards, prices have corrected by over ₹3,000 per gram, driven by profit booking, easing global cues, and fluctuations in international bullion markets. Analysts say that while short-term volatility persists, gold continues to attract long-term investors as a hedge against inflation and economic uncertainty.

Silver prices, meanwhile, registered a sharper fall today. The price of silver in Chennai dropped to ₹280 per gram, down from ₹300 yesterday. On a kilogram basis, silver is now priced at ₹2,80,000, marking a significant decline of ₹20,000 in a single day.

For retail buyers, 10 grams of silver costs ₹2,800, while 100 grams is available at ₹28,000, making it considerably cheaper compared to rates seen in late January. Over the past 10 days, silver prices have shown extreme volatility, falling from a high of ₹4,25,000 per kg on January 29 to current levels, indicating heavy correction after speculative buying.

Silver prices in Chennai are influenced by a combination of domestic policy decisions and global trends. Recently, the government's move to raise excise duty on gold has impacted investor sentiment, often pushing rural and price-sensitive buyers towards silver as an alternative investment. In the international markets, silver has been trading close to $15 per ounce, with demand remaining steady from industrial and investment segments.

Jewellers and bullion traders in Chennai say that the current dip in prices may encourage fresh buying, particularly for jewellery and small investment quantities. However, they advise buyers to closely track global cues and currency movements, as precious metal prices are expected to remain volatile in the near term.