Chennai: Gold prices in Chennai witnessed a significant drop, with the price of ornamental gold decreasing by Rs 160 per sovereign.

As of today, one sovereign of gold is being sold at Rs 53,280, while the price per gram stands at Rs 6,660.

This recent decline follows a reduction of Rs 400 over the past two days, signaling a downward trend in gold prices in the city. The decrease in gold prices comes as a relief for consumers, especially during the festive season when gold purchases typically increase.

Jewellers and market analysts will be closely monitoring the fluctuations in gold prices, as these trends can impact both consumer behavior and the broader market dynamics in the coming days.