Gold trades near ₹1 lakh in Chennai, Fed worries keep rebound in check
Chennai gold prices dropped again on Thursday, pushing the eight-gram sovereign down to ₹1,08,000. Global bullion tried to recover from a six-month low, but local rates kept slipping. The Jewellers and Diamond Trader’s Association, Madras, put 22-carat gold at ₹13,500 per gram and silver at ₹260 per gram. A slide in prices has brought the ₹1 lakh sovereign level back into focus for the market. BankBazaar data had Chennai’s 22-carat sovereign at ₹1,13,600 on June 9, then at ₹1,10,400 on June 10, before Thursday’s drop to ₹1,08,000. A sovereign, or pavun, weighs eight grams.