CHENNAI: The price of gold in Chennai decreased by Rs 640 per sovereign on October 20 (Monday). The yellow metal is now being sold at Rs 95,360. Accordingly, the per gram rate has dropped by Rs 80 to touch Rs 11,920.

A day earlier, on October 18, gold had dipped by Rs 2,000 to sell for Rs 95,600 (per gram: Rs 11,950).

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. Bullion is on track for its best year since 1979, when the Tehran revolution impacted global markets. Silver has also climbed to all-time highs, boosted by a weak dollar and strong central bank and investment buying.

Gold prices have surg

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