CHENNAI: Amid a pause from its week-long breakneck climb, the price of 22-carat gold in Chennai plunged by Rs 1,120 per sovereign on Friday (Oct 24) evening. A sovereign (1 sovereign = 8 grams) now costs Rs 91,200. Accordingly, the per-gram rate decreased by Rs 140 to Rs 11,400.

Today morning, gold had risen by Rs 320 to sell for Rs 92,320 per sovereign (Rs 11,540 per gram). On October 23, a day earlier, gold cost Rs 92,000 per sovereign (Rs 11,500 per gram).

On October 21, gold had risen by Rs 2,080 per sovereign to sell for Rs 97,440 (Rs 12,180/gram), the highest it has recorded this year, only to fall later.

Commenting on this, Jayantilal Challani, president, Jewellers and Diamond Traders Association of Madras, had earlier said that bullion logged its steepest Diwali Muhurat drop in

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