Gold, Silver Prices Surge In Chennai; Silver Jumps Nearly 3%, Gold Nears Rs 1.54 Lakh

Gold and silver prices witnessed a strong upward trend in Chennai on Wednesday, with silver registering a sharp surge of nearly 3 per cent and gold also posting notable gains amid firm global cues and sustained investor demand.

According to the latest update at 11:55 am on Bullions website, the price of 24-karat gold rose by ₹1,320, or 0.87 per cent, to ₹1,53,620 per 10 grams. The precious metal is now priced at ₹15,362 per gram and ₹15.36 lakh per kilogram in the Chennai bullion market.

Similarly, 22-karat gold, which is widely used for jewellery, was priced at ₹1,40,818 per 10 grams, while 18-karat gold stood at ₹1,15,215 per 10 grams. Lower purity variants also saw proportional pricing, with 14-karat gold retailing at ₹89,612 per 10 grams and 10-karat gold at ₹64,008 per 10 grams, as per the data.

Market experts attribute the rise in gold prices to global uncertainty, currency fluctuations and steady buying interest. Gold continues to remain a preferred safe-haven asset, especially during periods of volatility in equity and currency markets.

Silver, meanwhile, outperformed gold in Wednesday's session, recording a significant jump of ₹6,820, or 2.95 per cent. The white metal climbed to ₹2,38,310 per kilogram from the previous level, reflecting strong industrial demand and investment interest.

In retail terms, silver 999 fine was priced at ₹238 per gram and ₹2,383 per 10 grams in Chennai. Sterling silver (925 purity) stood at ₹2,20,437 per kilogram, while silver coin grade (900 purity) was priced at ₹2,14,479 per kilogram. German silver (800 purity) was quoted at ₹1,90,648 per kilogram.

Jewellers say the sharp rise in silver prices is driven by increasing industrial consumption, particularly in sectors such as electronics, solar energy and electric vehicles, apart from retail investment demand.

The upward movement in both precious metals is being closely tracked by investors and jewellery buyers, especially with the wedding season approaching, when demand traditionally rises.

Despite periodic fluctuations, gold continues to trade near record levels, reflecting its enduring appeal as a hedge against inflation and economic uncertainty. Silver, too, is gaining attention due to its dual role as both an industrial metal and an investment asset.

Market participants will now watch global economic indicators, interest rate outlook and currency movements for further direction in bullion prices in the coming days.