CHENNAI: A day after rising by Rs 2400, gold prices in Chennai witnessed a drop on Friday (November 14), dropping by Rs 480 per sovereign. The price of 22-carat gold stands at Rs 94,720 per sovereign (8 grams) and Rs 11,840- per gram and has fallen by Rs 60.

A day earlier, on Thursday (November 13), gold increased by Rs 2,400 per sovereign in a single day with a sovereign costing Rs 95,200 and a gram Rs 11,900.

The present oscillating trend follows a meteoric rise last month, when gold had surged to Rs 97,600 per sovereign (Rs 12,200 per gram) on October 17—the highest this year—before plunging to Rs 88,600/sovereign (Rs 11,075/gram) on October 28.

Gold has rallied significantly this year as investors turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by

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