Gold prices edged higher in Chennai on Saturday, January 10, tracking firm global cues amid continued economic and geopolitical uncertainty.
As per market rates, 24-carat gold in Chennai was priced at Rs 1,39,320 per 10 grams, while 22-carat gold stood at Rs 1,27,710 per 10 grams. These prices do not include GST and jewellery making charges.
Silver prices also remained elevated in the city, with the metal trading at around Rs 2,48,900 per kg in the spot market.
Weak Jewellery Demand Despite High Prices
Local jewellers reported muted footfall across key markets in Chennai, as elevated prices continued to dampen buying interest. Demand for gold coins and bars remained limited, with many buyers adopting a wait-and-watch approach amid near-record prices.
Global Factors Supporting Gold
Globally, gold prices have surged sharply this year, supported by strong safe-haven demand, expectations of US interest rate cuts, and a softer dollar. International prices recently touched record highs, keeping domestic rates elevated as well.
In India, gold prices have significantly outperformed equities in 2025, aided by a weaker rupee and rising global bullion prices.
Why Gold Matters in Chennai
Gold holds strong cultural and financial importance in Chennai and across Tamil Nadu, especially during weddings, festivals, and auspicious occasions. However, with prices hovering near all-time highs, consumers are increasingly cautious, focusing on lightweight jewellery and phased purchases.
Investors and buyers are advised to closely track price movements, global cues, and currency trends before making fresh purchases.
