CHENNAI: After a relentless rally over the past few days, the price of 22-carat gold in Chennai decreased by Rs 560 per sovereign (1 sovereign = 8 grams) on October 2 (Thursday), bringing the cost to Rs 87,040 per sovereign. Accordingly, the per-gram rate dropped by Rs 70 to Rs 10,600.

On October 1 (Wednesday), the price of the yellow metal had increased by Rs 480, selling for Rs 87,600 a sovereign (Rs 10,950/gram).

While the gold price has been inching forward for most of the year, what triggered the recent rally is the trade war that US President Donald Trump unleashed on the world, including India.

Gold has surged 52.2% this year, jumping from Rs 57,200 at the start of the year to Rs 87,120 per sovereign yesterday.

From Rs 57,200 per sovereign on January 1, it touched Rs 63,240 by

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