Date:30/05/2008 URL: http://www.thehindu.com/2008/05/30/stories/2008053058740200.htm

Tamil Nadu - Chennai

Gold price remains steady in city

Staff Reporter

Showrooms post marginal increase
in sales

CHENNAI: For those who expected Wednesday’s downtrend in gold prices to continue, there was little to cheer as the price remained at the same level, of Rs.9,240 a sovereign, on Thursday. Sources in the bullion trade, however, say the prices are likely to come down on Friday.

On Thursday, a gram of 22-carat of gold in the city was priced at Rs.1,155. On Tuesday, the price was Rs.40 more per gm.

The price of the yellow metal reached its peak in March this year with Rs.1,255 per gm. Jewellery showroom owners in the city said the sales have increased marginally in view of the decline in the gold price.

Chairman of Gold Club of Chennai N.Anantha Padmanabhan said the price may decline further on Friday on the back of the declining crude oil prices, depreciation of rupee against the dollar and the volatility in the stock market.

The cost of silver, however, moved up marginally on Thursday. One gram of silver was priced at Rs.26.40 as against its Wednesday’s price of Rs.26.30.