Gold prices surged to a fresh all-time high in Chennai on Friday, driven by uncertainties over U.S. export tariffs and the sharp depreciation of the rupee against the dollar.
In the Chennai market, the price of 22-carat gold rose to ₹9,535 per gram and ₹76,280 per sovereign, up from the morning rate of ₹9,470 per gram and ₹75,760 per sovereign. The intra-day rally marked an increase of ₹65 per gram and ₹520 per sovereign.
The precious metal has been on a record-breaking run in 2025. On January 1, 22-carat gold was priced at ₹7,150 per gram. It crossed ₹8,000 for the first time on February 9, touching ₹8,060, and surpassed the ₹9,000 mark on April 21 at ₹9,015. On August 19, the price stood at ₹9,235 per gram and ₹73,880 per sovereign—meaning prices have jumped ₹300 per gram and ₹2,400 per sovereign in just 10 days.
Santha Kumar S, secretary of The Jewellers and Diamond Traders’ Association – Madras, said U.S. tariffs have temporarily frozen new shipments, while the weak rupee pushed prices higher. “If export duty is removed, rates could stabilise or increase further,” he said, noting that strong domestic demand during the upcoming festival season could push gold beyond ₹10,000 per gram.
Meanwhile, in Delhi, bullion prices surged ₹2,100 to hit a fresh record of ₹1,03,670 per 10 grams on Friday. The All India Sarafa Association attributed the rise to persistent buying by stockists and the rupee’s continued weakness.
“The Indian rupee hit an all-time low, raising concerns about the impact of 50 per cent U.S. tariffs on the country’s GDP,” explained Saumil Gandhi, senior analyst (Commodities) at HDFC Securities, highlighting the factors behind the latest spike.
