Gold Rates In Chennai Crashes After Record Rally, Gold In Hyderabad Unchanged; 24K, 22K, 18K Gold Prices

Gold rates in India halted their rising spree on January 27, despite spot gold and MCX gold surging to new record highs. Spot gold price has crossed over $5,111 per ounce, while MCX gold surged nearly 2% and climbed above Rs 1,59,800 mark. However, gold rates in cities showed a mixed reaction. For instance, gold prices in Chennai crashed after their last week's mega rally, while gold rates in Hyderabad were unchanged on Tuesday.

What Is Impacting Gold Prices In India?

According to experts, heightened geopolitical and trade tensions continue to drive sentiment in precious metals. Among the latest tariff melodrama, US President Donald Trump has now taken a jibe at South Korea, threatening the Asian country to hike duties by additional 15% to 25% from 10%.

Also, experts highlighted that there is a growing shift in appetite of investors from sovereign bonds and dollar towards safe haven assets as concerns related to fiscal discipline and policy credibility escalates globally.

Further, attention has shifted towards the two-days policy meeting of US Federal Reserve. As per Trading Economics, while interest rates are expected to remain unchanged, markets will closely scrutinize Chair Jerome Powell's remarks, particularly amid mounting pressure from the White House to lower rates.

Gold Rates In India:

Gold Rates In Chennai:

24 carat gold price plunge by Rs 7,100 to Rs 16,32,000 per 100 grams, and further dropped by Rs 710 to Rs 1,63,200 per 10 grams. In the same carat, 8 grams gold slipped by Rs 568 to Rs 1,30,560 and 1 gram gold edged lower by Rs 71 to Rs 16,320.

Further, in case of 22 carat, 10 grams gold dipped by Rs 650 to Rs 1,49,600, but it was the 100 grams gold price that took the worst hit with Rs 6,500 drop to Rs 14,96,000. Similarly, 8 grams and 1 gram gold in 22 carat tumbled by Rs 520 and Rs 65 to Rs 1,19,680 and Rs 14,960 respectively.

Meanwhile, under 18 carat gold prices, 10 grams slipped by Rs 250 to Rs 1,24,750, 100 grams gold plunged by Rs 2,500 to Rs 12,47,500, while 8 grams gold contracted by Rs 200 to Rs 99,800 and 1 gram gold edged lower by Rs 25 to Rs 12,475.

Gold Rates In Hyderabad:

Gold prices in this city are unchanged on January 27. That being said, 24 carat gold rates stood at Rs 1,61,950 per 10 grams, at Rs 16,19,500 per 100 grams, at Rs 1,29,560 per 8 grams, and Rs 16,195 per 1 gram.

Additionally, 22 carat gold prices were at Rs 1,48,450 per 10 grams, at Rs 14,84,500 per 100 grams, at Rs 1,18,760 per 8 grams and at Rs 14,845 per 1 gram.

Moreover, 18 carat gold prices stood at Rs 1,21,460 per 10 grams, at Rs 12,14,600 per 100 grams, at Rs 97,168 per 8 grams and at Rs 12,146 per 1 gram.

Gold Prices Outlook

As per Ponmudi R, CEO of Enrich Money, here's how gold rates globally and domestically will perform ahead:

Spot Gold Price Prediction:

The broader uptrend remains firmly intact, with prices holding comfortably above the rising channel and the 20-day EMA near $5,060, clearly reflecting sustained bullish momentum. The earlier resistance band around $5,000 has now decisively turned into a strong support zone, confirming the strength of the ongoing bull phase. A sustained breakout above the $5,200 mark is likely to trigger the next impulsive leg higher toward the $5,300-$5,400 region in the very near term. Minor pullbacks continue to attract aggressive buying interest, while the broader outlook remains decisively bullish, supported by persistent safe-haven demand, central-bank accumulation, geopolitical risks, and expectations of continued accommodative global monetary policy.

MCX Gold Price Prediction:

MCX Gold continues to mirror global strength, aided by a relatively stable USD/INR in the 91.50-91.93 zone. The rising channel structure remains firmly intact, with the Rs1,45,000-Rs1,50,000 zone acting as a strong dynamic support base. Every intraday dip is being absorbed aggressively, reinforcing the strength of the prevailing trend. A clear and sustained breakout above the Rs1,60,000-Rs1,62,500 band can quickly open the path toward Rs1,65,000-Rs1,70,000 in the coming sessions. Overall, the bias remains strongly bullish with the trend firmly in control of buyers.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.