Bullion Market Watch: Chennai Gold Sees Minor Correction, Silver Rates Stable

Chennai’s bullion market witnessed a modest correction today, with gold prices dropping by ₹80 per sovereign while silver rates held steady. The adjustment reflects global market volatility, though prices remain elevated compared to last year.

Key Highlights

• Gold Prices: On March 3, 2026, gold was priced at ₹1,25,200 per sovereign (8 grams) and ₹15,650 per gram, down ₹80 per sovereign and ₹10 per gram from the previous day.
• Silver Prices: Silver remained unchanged at ₹315 per gram (₹3,15,000 per kg), reflecting stability despite global fluctuations.
• Year-on-Year Comparison: Gold prices have surged from ₹63,520 per sovereign (₹7,940 per gram) on March 3, 2025, to current levels, marking nearly a 100% rise in one year.
• Global Context: International gold prices continue to hover near record highs above $5,400 per ounce, driven by safe-haven demand amid Middle East tensions and currency volatility. Silver, too, has seen heightened activity globally, though Chennai’s local rates remain steady.
• Investor Sentiment: Analysts note that while short-term corrections are expected, the long-term trajectory remains bullish, with gold and silver continuing to attract investors seeking safety during geopolitical uncertainty.

Why It Matters
For Chennai’s buyers and investors, today’s dip offers a small window of opportunity to purchase gold at slightly lower rates. Silver’s stability underscores its dual role as both an industrial commodity and a safe-haven asset. The broader trend highlights how global geopolitical tensions directly shape local bullion markets.

Sources: DT Next, Oneindia, Times Now, Goodreturns