Chennai & Hyderabad Gold Rates On May 15: 24K Falls Below Rs 9,400/G, Buying 100g Gold? Get At Rs 21K Cheaper

On Thursday, May 15, domestic gold prices fell precipitously for the second day in a row as demand for safe haven assets declined amid US-China trade tensions easing. In contrast, the dollar index remained stable, while gold saw further drops following lower-than-expected US CPI data. Following a decline in safe-haven attractiveness and an easing of consumer prices, geopolitical factors may cause prices to remain volatile in the near future. Markets are now awaiting US PPI and retail sales data, which might impact gold prices, as geopolitical threats subside and the India-Pakistan ceasefire remains in place.

Gold & Silver Price In Chennai & Hyderabad Today

In Hyderabad and Chennai, the current price of gold is Rs 8,610 per gram for 22 carat gold and Rs 9,393 per gram for 24 carat gold. The price of gold dropped by Rs 1,950 on Thursday, from Rs 88,050 to Rs 86,100 for 22k of 10 gms in Chennai and Hyderabad. Similarly, today's gold prices in Chennai and Hyderabad dropped by Rs 19,500 to Rs 8,61,000 for 22k of 100 gms from Rs 8,80,500 yesterday.

On Thursday, the price of gold in Hyderabad and Chennai dropped by Rs 2,130 to Rs 93,930 for 24k of 10 grams from Rs 96,060 on Wednesday. Similarly, the price of gold in Hyderabad and Chennai today was Rs 9,39,300 for 24k of 100 gms, which is Rs 21,300 cheaper than it was yesterday at Rs 9,60,600.

Customers in Chennai would be able to save Rs 16,000 on 18k of 100 grams of gold, as prices for the metal dropped by Rs 1,600 on Thursday to Rs 70,950 from Rs 72,550 on Wednesday. However, in Hyderabad, 18k of 10 grams of gold will cost Rs 70,450 today, compared to Rs 72,040 on Wednesday, which represents a price drop of Rs 1,590. As a result, buyers will be able to get 18k of 100 gms of gold for Rs 15,900 cheaper.

Silver prices in Chennai and Hyderabad are Rs 108 per gram and Rs 1,08,000 per kilogram, respectively, compared to Rs 109 and Rs 1,09,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold has been weakening on the daily charts, forming a double top pattern. It has experienced heavy volume sell-offs over the last couple of trading sessions. Short-term moving averages are heading toward a bearish crossover. A breakdown below the double top pattern is likely to trigger bearish momentum. Fresh investments should be avoided, and traders are advised to wait for confirmation before placing bearish bets. Currently, support is placed at 92,055 and resistance at 93,274," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to lower for the day, as gold prices steadied after falling more than 2% Wednesday on signs there will be fewer Federal Reserve rate cuts than previously anticipated and as easing US-China tensions sapped haven demand," Nirmal Bang Securities mentioned in a report.

Disclaimer

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