While gold prices in the Chennai market continued to rise by Rs 152 per sovereign (Rs 40,840 per sovereign), and it crossed the Rs 40,000 mark, thus causing alarm among customers.
Chennai: The price of gold is determined on the basis of the international economic environment. It is based on the value of gold in the world market and the value of the Indian rupee against the US dollar.
While gold prices have crossed the Rs 40,000 mark, the prices have been fluctuating from time to time since September last year.
Meanwhile, gold prices in Chennai rose by Rs 19 per gram and stood at Rs 5,105. Accordingly, the price of one sovereign of gold rose by Rs 152 and it touched a new high of Rs 40,840 per sovereign.
Similarly, in Chennai, the price of silver rose by 40 paise and it stood at Rs 74.80 per gram.
The step hike in gold prices has caused alarm among customers.