CHENNAI: The price of 22-carat gold in Chennai, which has been oscillating lately, dropped by Rs 400 per sovereign on Monday (Oct 27). A sovereign (1 sovereign = 8 gram) now costs Rs 91,600. Accordingly, the per-gram rate decreased by Rs 50 to Rs 11,450.

On October 25, a sovereign of gold had risen by Rs 800 to Rs 92,000 (per-gram rate: Rs 11,500).

On October 17, a sovereign had cost Rs 97,600 (gram: Rs 12,200), the highest it has recorded this year, only to fall later.

Gold has seen a record rally this year as traders turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and the global trade war President Donald Trump unleashed, including on India.

Gold prices have recorded a massive surge from Rs 57,200 per sovereign (Rs 7,150 p

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