Chennai Gold Rate Falls Rs 3,200 in a Single Day

Gold prices in Chennai fell sharply on Thursday evening, dropping Rs 3,200 per sovereign (8 grams) after the US Federal Reserve kept interest rates unchanged at 3.5–3.75%. The yellow metal is now priced at Rs 1,11,200 per sovereign (Rs 13,900 per gram). In the morning session it had been at Rs 1,14,400 per sovereign, meaning the total single-day decline was Rs 5,360. Silver remained stable at Rs 265 per gram. Gold is still up nearly 68% year-on-year — a sovereign cost Rs 66,320 this time last year.