Chennai Gold Rates On May 7: Check IBJA Rates & Check Latest Prices At Jewellery Shops Today

Gold prices in Chennai continued to remain at elevated levels on Thursday, with major jewellery retailers across the city quoting 22-carat gold close to the ₹14,000-per-gram mark. The steady rise in bullion prices has once again become a talking point among jewellery buyers, investors and wedding shoppers in Tamil Nadu.

Leading jewellers such as GRT Jewellers, Vummidi Bangaru Jewellers and Lalitha Jewellery quoted the rate of 22-carat gold at ₹13,975 per gram on Thursday. The 24-carat gold rate at these stores stood at ₹15,257 per gram, while 18-carat gold was sold at ₹11,442 per gram.

Silver prices also remained firm, with most jewellers fixing the rate at ₹275 per gram.

However, some jewellers quoted slightly higher prices compared to the city average. Jeyachandran Gold House listed 24-carat gold at ₹15,436 per gram and 22-carat gold at ₹14,150 per gram. Its 18-carat gold rate stood at ₹11,577.27 per gram. Similarly, Swarna Maligai quoted 22-carat gold at ₹14,150 per gram and 18-carat gold at ₹11,810 per gram.

Jewellery buyers said the rising prices are making customers more cautious, especially those purchasing ornaments for weddings and family functions. Traders noted that while footfall in jewellery stores continues, many buyers are opting for lightweight jewellery or postponing bulk purchases in anticipation of a correction in prices.

Meanwhile, bullion market data for Tamil Nadu showed that the broader gold market remained strong. According to bullion rates updated on Thursday morning, 24-carat gold in Tamil Nadu was priced at ₹15,343 per gram, while 22-carat gold stood at ₹14,064 per gram. The rate for 18-carat gold was ₹11,507 per gram, and 14-carat gold was quoted at ₹8,950 per gram.

In Coimbatore, Kota Gold Jewellery quoted 24-carat gold at ₹15,383 per gram and 22-carat gold at ₹14,101 per gram, indicating that prices across Tamil Nadu remained largely aligned with Chennai trends. Silver prices there were also fixed at ₹275 per gram.

Among other retailers, D.A.R Jewellery maintained the 22-carat gold rate at ₹13,975 per gram and 18-carat gold at ₹11,442 per gram. The store quoted standard silver at ₹232 per gram, 92.5 silver at ₹253 per gram and silver bars at ₹258 per gram. Its 99.9 gold bar rate stood at ₹15,555 per gram.

Market analysts attribute the sustained rise in gold prices to continued global economic uncertainty, fluctuations in crude oil prices and strong investor demand for safe-haven assets. International developments, including geopolitical tensions and expectations surrounding interest rate decisions by major central banks, have also influenced bullion markets worldwide.

With the wedding season and Akshaya Tritiya demand still supporting retail purchases, jewellers expect gold prices to remain volatile in the coming days. Buyers are closely watching the market, hoping for some relief after the yellow metal touched record-high levels this week.