22K Gold Rates In Chennai Jumps Rs. 1,500 On 30th Jan Hitting New Highs;Silver Up too

Gold prices in Chennai saw a rise for the second consecutive day this week, following the Federal Reserve's decision to keep interest rates unchanged during their policy meeting, which concluded yesterday. The Fed's announcement reassured investors, as they anticipated no immediate changes in interest rate policies, which often have a direct impact on the precious metal's appeal.

Today's Gold Rates In Chennai

As of 30th January 2025, the 22 carat gold rates in Chennai jumped a huge Rs. 150 per 10 grams to cost Rs. 76,100, while the 24-carat yellow metal saw a rise of Rs. 170 per 10 grams to retail at Rs. 83,020. Similarly, the 18-carat gold prices in Cheennai rose to Rs. 62,270 after a jump of Rs. 130 per 10 grams.
Similarly, the 100 g of 24-carat gold rates in Chennai jumped Rs. 1700 to cost Rs. 8,30,200. 22-carat gold now costs Rs. 7,61,000 after rising Rs. 1,500 per 100 grams. Likewise, the cheaper variant of 18-carat gold rates in Chennai now retails at Rs. 6,22,700 after a rise of Rs. 1300.

Silver Prices in Chennai Today

Silver Prices in Chennai Today Spiked Rs, 2000 after prices showed no major movement in past two trading sessions. Currently, 1 kg of white metal in Chennai now costs Rs. 1,06,000, and 100 grams of white metal currently stands at Rs. 10,600.

Chennai Gold Prices Movement in the Last Five Days

Over the last five days the prices have been quite volatile with major gains and losses

Spot Gold and Silver Rates Update

According to the latest Reuters report, spot gold prices saw a modest increase, rising by 0.1% to $2,761.44 per ounce as of 04:02 GMT. U.S. gold futures followed suit, climbing 0.1% to $2,773.30 per ounce, maintaining a premium of nearly $12 over spot prices. Meanwhile, spot silver also recorded gains, rising by 0.2% to $30.88 per ounce.

MCX Gold and Silver Futures Outlook

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on February 5, 2025, are trading higher by 0.41% at Rs. 80,607. However, silver futures, with an expiry date of March 5, 2025, are also surging this morning with a rise of 0.52% at Rs. 92,345
"MCX Gold April is expected to slip back towards ₹80,300 level as long as it stays below ₹81,100 level while MCX Silver March is expected to slip back towards ₹90,500 level as long as it trades below ₹93,000 level ," said an ICICI Direct commodity research report.

Market Outlook for Gold and Silver Prices

Analysts at ICICI Direct Research stated that "Spot gold is likely to face stiff resistance near $2790 level on strong dollar and rise in US treasury yields. Dollar and Yields may move further north as the US Federal Reserve hit a pause button and left interest rates unchanged and gave little insight into when further reductions may take place. Further, Fed Chair Powell language signals that the central bank is being cautious until there is some strong evidence and will be on wait and watch mode. Meanwhile, uncertainties surrounding US President Donald Trump proposed tariffs will increase demand for safe haven. Additionally, investors will keep a close eye on major economic data from US and ECB monetary policy, where the central bank is likely to continue with its rate cutting cycle. Spot gold is likely to face stiff resistance near $2790 level and slip back towards $2740 level "