Gold Price Falls 0.8%, Silver Rates Drops Over 1.5% in Chennai On Feb 17

Gold and silver prices in Chennai witnessed a marginal decline on Tuesday morning, reflecting weak global cues and subdued local demand.

According to the latest market update at 9:35 am on Bullions website, the price of 24-karat gold stood at Rs 15,416 per gram, while silver slipped to Rs 237,820 per kilogram.

The price of 24-karat gold fell 0.80% to Rs 1,54,160 per 10 grams, compared to the previous level of Rs 1,55,400. Similarly, 22-karat gold, widely used for jewellery, was priced at Rs 14,131 per gram, taking the cost of 10 grams to Rs 1,41,313 in the Chennai retail market, the data said.

Other gold categories also reflected the softer trend. The rate of 20-karat gold was Rs 12,847 per gram, while 18-karat gold was retailing at Rs 11,562 per gram. Lower purity variants such as 14-karat and 10-karat gold were priced at Rs 8,993 and Rs 6,423 per gram respectively, making them relatively more affordable options for buyers.

Silver prices also recorded a sharper drop compared to gold. The rate of fine silver (999 purity) declined 1.53% to Rs 237,820 per kilogram, down from Rs 241,520 in the previous session. On a smaller scale, silver was priced at Rs 238 per gram and Rs 2,378 per 10 grams.

Other silver variants followed a similar trend. Sterling silver (925 purity) was quoted at Rs 219,984 per kilogram, while 900 purity coin silver stood at Rs 214,038 per kilogram. German silver (800 purity) was lower at Rs 190,256 per kilogram.

Jewellers said the decline in prices could encourage retail buying, especially from wedding and investment segments. Chennai, one of India's largest gold consumption centres, typically witnesses steady demand due to cultural preferences and ongoing marriage purchases.

Market analysts noted that gold prices have remained near record levels in recent months, driven by global economic uncertainty, inflation concerns and strong investment demand. However, intermittent corrections are common as investors book profits and international prices fluctuate.

Silver, which is influenced by both investment and industrial demand, tends to be more volatile and often moves sharply compared to gold.

Despite the latest dip, precious metal prices remain significantly higher compared to last year, reflecting sustained investor interest. Experts said future price movement will depend on global economic trends, currency fluctuations and domestic demand patterns.

For consumers, the current correction may offer a window to make purchases, while investors continue to track market signals for further direction.)