Gold & Silver Price Today In Chennai: Has It Become Cheaper Or Costlier On Budget Day?

Gold and silver prices in Chennai remained steady on Saturday, February 1, 2026, offering some relief to buyers and investors after witnessing sharp volatility over the past week. The stability in rates comes amid fluctuating global cues and mixed domestic demand, especially in the jewellery segment.

According to the latest data, the price of 24 karat gold in Chennai today stands at ₹16,255 per gram, unchanged from the previous day. Similarly, 22 karat gold is priced at ₹14,900 per gram, while 18 karat gold is being sold at ₹12,800 per gram. Market participants note that despite the high price levels, gold demand in Chennai has shown a gradual rise since the beginning of the year, largely driven by jewellery purchases rather than investment-focused products such as gold coins and biscuits.

On a weight basis, the cost of 10 grams of 24 karat gold remains at ₹1,62,550, while 100 grams is priced at ₹16,25,500. For 22 karat gold, 10 grams costs ₹1,49,000 and 100 grams is valued at ₹14,90,000. The absence of any day-on-day change suggests that the market is currently in a consolidation phase, with buyers closely watching global trends and currency movements.

However, a look at the last 10 days highlights the sharp swings gold prices have experienced. On January 29, 2026, 24 karat gold touched a high of ₹18,328 per gram before correcting sharply over the next two sessions. From January 30 to February 1, prices dropped by more than ₹2,000 per gram, settling at the current level. A similar trend was observed in 22 karat gold, which fell from ₹16,800 per gram on January 29 to ₹14,900 today. Experts attribute this volatility to global economic uncertainties, profit booking at higher levels, and movements in international bullion markets.

Silver prices in Chennai also remained unchanged on February 1, mirroring the calm seen in the gold market. Silver is priced at ₹320 per gram and ₹3,20,000 per kilogram today. The rate for 10 grams stands at ₹3,200, while 100 grams costs ₹32,000, with no change compared to Friday's prices.

Despite today's stability, silver has witnessed even sharper fluctuations over the past 10 days. On January 29, silver prices surged to ₹4,25,000 per kilogram before correcting significantly to ₹3,20,000 per kilogram by January 31. The steep fall of nearly ₹1,05,000 per kilogram in just two days has kept investors cautious.

Market analysts point out that silver prices are influenced by multiple factors, including industrial demand, international market trends, and policy decisions. Recently, the government's move to raise excise duty on gold is expected to indirectly support silver prices, as some rural and small investors tend to shift towards silver when gold becomes expensive. Internationally, silver has been trading near $15 per ounce, indicating sustained demand.

With both gold and silver prices stabilising for now, traders in Chennai believe the next movement will largely depend on global cues, currency fluctuations, and upcoming economic data, as buyers wait for clearer signals before making fresh investment decisions.