Gold price crosses Rs 10,000 per gram, sovereign at Rs 80,040
This price hike marks a whooping increase in price of about Rs 22,800 since January 1, when a sovereign was priced at Rs 57,200
Gold prices in Chennai continued their relentless surge on Saturday (September 6), crossing Rs 10,000 per gram and the Rs 80,000 per sovereign milestone.
This marks a whopping increase in price of about Rs 22,800 since January 1, when a sovereign was priced at Rs 57,200.
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Gold price reaches all-time high
In Chennai, the price rose by Rs 140 per gram and Rs 1,120 per sovereign, bringing the rates to Rs 10,005 per gram and Rs 80,040 per sovereign.
A day earlier, on September 5, the gold price increased by Rs 560 per sovereign to reach Rs 78,920.
Gold has been on a steep upward trajectory in recent weeks. Since the beginning of 2025, the yellow metal has repeatedly touched new highs.
The surge has been linked to global factors, particularly the 50 per cent tariff imposed by the United States on Indian imports. As a result, the value of the Indian rupee has plunged to record lows against the US dollar.
This depreciation has also contributed to the rise in gold prices.
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Overall upward trend
In August, gold breached the Rs 75,000 mark for the second time this year, touching Rs 75,040 on August 6, the same rate it had hit earlier on July 23.
Between August 25 and 30, gold prices in Chennai jumped by Rs 2,520 per sovereign, reaching Rs 76,960.
Despite fluctuations, the overall rise this year has been steep. On February 5, gold was priced at Rs 63,240 per sovereign.
By March 14, it had spiked to Rs 66,400, a sharp jump of Rs 1,440 in a single day. On April 22, it reached a record high of Rs 74,320 per sovereign, with a massive one-day increase of Rs 2,200.
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Gold price in Kerala
Meanwhile, in Kerala, the price of one sovereign has touched Rs 79,560.
The price of one gram rose by Rs 80 to Rs 9,945, compared to Rs 9,865 the previous day. Over the past month, gold prices in the state have risen by Rs 6,360, up from Rs 73,200 on August 1.
The rise in global market rates has been reflected in domestic prices as well. Spot gold has soared to $3,577.33 per troy ounce, marking an all-time high in international markets.
Adding to the momentum, US job growth slowed sharply in August, with unemployment reportedly rising to 4.3 per cent. With employment prospects weakening, the likelihood of the US Federal Reserve cutting interest rates has increased, boosting gold demand.
On Friday, gold prices jumped by Rs 900 to Rs 1,06,970 per 10 grams in New Delhi, inching closer to record high levels on fresh buying by stockists and firm global trends.
Traders said the rally was growing amid conviction that the Federal Reserve may opt for an interest rate cut at its upcoming policy meeting on September 16-17.
According to the All India Sarafa Association, gold of 99.5 per cent purity also advanced by Rs 900 to Rs 1,06,100 per 10 grams (inclusive of all taxes) on Friday, from the previous close of Rs 1,05,200 per 10 grams.