Gold prices, which had been rising steadily to record levels, witnessed a sharp reversal over the last two days. On January 29, one sovereign of gold touched an all-time high of ₹1,34,400. However, prices fell dramatically, dropping by ₹950 per gram and ₹7,600 per sovereign in a single day, and continued to decline for the second consecutive day.

As of today in Chennai, 22-carat gold is priced at ₹13,950 per gram and ₹1,11,600 per sovereign. Overall, gold has fallen by ₹1,900 per gram and ₹15,200 per sovereign from its recent peak levels.

Silver prices also witnessed a decline today, falling by ₹20 per gram. Silver is currently selling at ₹300 per gram and ₹3 lakh per kilogram in the Chennai market.