Gold prices in Chennai rise to Rs.1,13,920

The local jump comes even as international bullion stays elevated. New York gold futures settled at $4,479.10 an ounce on Sept. 3, after trading around $4,366.30 the day before, while SPDR Gold Shares, one of the most closely watched gold ETFs, finished at $402.78, above its 50-day moving average but still below its 200-day average. That leaves the metal expensive by historical standards, even after recent swings.

The Indian rupee was also soft, closing near 94.49 against the dollar, which amplifies imported gold prices for buyers in India. Benchmark US 10-year Treasury yields were around 4.79%, keeping global rate expectations in focus as investors continue to weigh the appeal of non-yielding assets such as bullion.

Adalytica’s Gold Fear & Greed Index showed “Extreme Fear,” with sentiment at 2, reflecting the sharp volatility in the metal and the risk that fast price moves can trigger more short-term liquidation even as longer-term safe-haven demand remains in place. With overseas gold and the rupee both still in play, traders will watch whether Chennai prices extend higher or stabilize after the latest spike.