Gold, Silver Rates In Chennai Today: Is It Cheaper Or Costlier In TN Capital On Feb 3?

Gold prices in Chennai witnessed a notable correction on Monday, February 3, bringing relief to buyers after weeks of volatile movement. Both gold and silver prices declined sharply compared to the previous trading session, reflecting a cooling trend in the precious metals market.

According to the latest rates, the price of 24-karat gold in Chennai today stands at ₹15,218 per gram, while 22-karat gold is priced at ₹13,950 per gram. 18-karat gold, also referred to as 999 gold, is trading at ₹12,000 per gram. The decline comes after gold had surged to record levels in late January, driven by global uncertainties and strong investor demand.

On a day-to-day basis, gold prices have fallen significantly. The price of 24-karat gold dropped by ₹1,037 per gram, while 22-karat gold declined by ₹950 per gram. For bulk buyers, the impact is more visible, with 100 grams of 24-karat gold becoming cheaper by over ₹1.03 lakh compared to yesterday.

Despite this correction, gold rates in Chennai have shown a largely steady trend since the beginning of 2026. Market participants say demand remains strong, particularly for jewellery, as Chennai continues to be one of the largest gold consumption centres in the country. Jewellers report that customers are currently showing greater interest in ornaments rather than gold biscuits and coins, indicating that consumption-led demand is driving the market rather than pure investment buying.

Looking at the price movement over the last ten days, gold prices have been highly volatile. After touching a high of ₹18,328 per gram for 24-karat gold on January 29, rates began to slide steadily. The sharp fall over the past two sessions suggests some profit booking by investors and easing pressure from international markets.

Industry experts point out that global cues such as fluctuations in the US dollar, bond yields, and geopolitical developments continue to influence domestic gold prices. However, with the wedding season underway and festivals approaching, jewellers expect demand to remain resilient even if prices continue to fluctuate in the short term.

Meanwhile, silver prices in Chennai also declined sharply today, extending the downward trend seen over the past two sessions. Silver is currently priced at ₹300 per gram and ₹3,00,000 per kilogram, making it significantly cheaper than last week's highs.

Compared to yesterday, silver prices have dropped by ₹20 per gram and ₹20,000 per kilogram. Just a few days ago, silver was trading above ₹4 lakh per kilogram, highlighting the sharp correction witnessed in a short span.

Market analysts note that silver prices are influenced by multiple factors, including industrial demand, movements in gold prices, and government policy decisions. The recent hike in excise duty on gold has indirectly impacted silver, as rural and price-sensitive investors often turn to silver as a more affordable hedge when gold becomes expensive.

Internationally, silver prices have been hovering close to $15 per ounce, supported by steady demand. However, domestic prices have corrected due to profit booking and easing speculative activity.

Over the last ten days, silver has seen extreme volatility, moving from ₹3.65 lakh per kilogram to as high as ₹4.25 lakh, before slipping back to the ₹3 lakh mark. Traders believe such fluctuations may continue in the near term, especially with global markets reacting to economic data and central bank signals.

For consumers in Chennai, the current dip in both gold and silver prices may present a buying opportunity, particularly for jewellery purchases. However, experts advise buyers to track daily movements closely, as precious metal prices are expected to remain sensitive to global and domestic developments in the coming weeks.