Gold Prices Fall In Chennai On July 29; 22K Gold At Rs 9,150 Per Gram

Since the country relies heavily on imports, the rupee-dollar exchange rate plays a critical role in determining domestic prices.

Gold’s enduring reputation as a safe-haven investment means its value also responds to global economic developments.

Source : PTI

Gold prices in Chennai dropped slightly on July 29, reflecting broader corrections seen nationwide. The city’s 22-karat gold is currently at Rs 9,150 per gram, while 24-karat gold (commonly known as 999 gold) slipped to Rs 9,982 per gram. The fall comes after a stretch of relatively stable pricing in July, indicating renewed sensitivity to global and domestic economic shifts.

As the world’s second-largest gold consumer, India’s market is tied closely to global movements. Since the country relies heavily on imports, the rupee-dollar exchange rate plays a critical role in determining domestic prices. When the rupee depreciates, gold becomes more expensive for Indian buyers, a factor that frequently triggers price volatility.

Levies and Local Impact

Domestic charges like import duties, GST, and state levies add a further layer to pricing, creating subtle differences between states. These costs are an important part of why Chennai’s prices may align closely with other metros but still see occasional discrepancies.

Gold’s enduring reputation as a safe-haven investment means its value also responds to global economic developments. Factors like central bank policies, bond yields, and investor sentiment continue to shape how gold is traded and priced in markets like Chennai.

National Overview

Across India, gold rates on July 29 remained broadly aligned. Chennai, along with Mumbai, Pune, Hyderabad, Bengaluru, and Kolkata, recorded identical rates of Rs 9,150 for 22K and Rs 9,982 for 24K gold. Ahmedabad and Indore reported a slight uptick at Rs 9,155 (22K) and Rs 9,987 (24K), while Delhi and Lucknow posted the highest figures at Rs 9,165 and Rs 9,997.

For Chennai’s investors and jewellery buyers, the current dip could represent a favourable buying opportunity, though experts warn that prices could swing again quickly as global markets react to new economic data and monetary policy updates.