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Big Drop in Gold Prices In Chennai After Record Rise; 22K/100g Gold Now Cheaper By Rs. 7000 On Feb 12
Gold prices in Chennai today slipped after rising for 10 consecutive sessions. This is the first drop this month as the gold price in Chennai has been on a bull run since the start of February, with prices surging by 3% over the past ten days. This pullback comes as Federal Reserve Chair Jerome Powell's hawkish comments fueled expectations of slower rate cuts this year, while investors eagerly await the release of an important U.S. inflation report. Regardless of this dip, the overall market sentiment remains positive, as the metal has enjoyed strong momentum this month.
Gold Prices in Chennai Today
On 12th February, 22-carat gold rates in Chennai fell by Rs. 700 per 10 grams to cost Rs. 79,400, whereas the 24-carat gold prices in Chennai are now retailing at Rs. 86,670 per 10 grams, which declined by Rs. 710. Just like that, the 18-carat gold rate is now at Rs. 65,550, which slipped Rs. 550 per 10 grams.
Silver Prices in Chennai Today
Silver prices in Chennai today observed no major momentum from the last seven days, and the price per kilogram costs Rs. 107,000, and 100 grams of white metal currently stand at Rs. 10,700.
Chennai Gold Rates Movement in the Last Five Days
Over the last five days, the gold prices in Chennai have been quite volatile with major gains and losses.
| Dates | 24-carat/10g | 22 carat/10g |
|---|---|---|
| 11th February | Rs. 87,380 | Rs. 80,110 |
| 10th February | Rs. 87,380 | Rs. 80,100 |
| 8th February | Rs. 87,060 | Rs. 79,450 |
| 7th February | Rs. 86,510 | Rs. 79,300 |
| 6th February | Rs. 86,510 | Rs. 79,300 |
Spot Gold and Silver Price Update
As per the latest data from Reuters, spot gold saw a slight dip of 0.4%, trading at $2,885.53 per ounce by 0504 GMT. The yellow metal had surged to an all-time high of $2,942.70 just the day before, driven by growing investor interest. Meanwhile, U.S. gold futures also experienced a 0.8% decline, dropping to $2,910.70. In the silver market, spot silver saw a modest pullback of 0.2%, settling at $31.83 per ounce.
MCX Gold and Silver Futures Outlook
On the Multi Commodity Exchange (MCX) Gold futures, expected to mature on April 4, 2025, slipped by 0.56% to trade at Rs. 85,045. Meanwhile, silver futures, with an expiry date of March 5, 2025, declined this morning by 0.28%, trading at Rs. 94,300.
According to the ICICI Direct Research Report, "MCX Gold April is expected to dip towards the ₹84,800 level, as long as it trades under the ₹86,000 level. Below the ₹84,800 level, prices may slip towards the ₹84,500 level. Additionally, MCX Silver March is expected to correct towards ₹93,200 as long as it stays under ₹95,500. A move to ₹93,200 would test the ₹92,400 mark."
Expert Analysis of Gold and Silver Prices
According to the ICICI Direct Research Report, "Spot gold takes a breather after rallying almost 11% this year amid geopolitical uncertainties and safe haven demand. Prices edged lower after hitting intraday highs at $2942 on Tuesday as Fed Chair Powell reaffirmed that the Fed is in no rush to cut interest rates. He reiterated the pledge from the last FOMC meeting, when the central bank paused its rate-cut cycle. Furthermore, gold is expected to move lower towards $2880 amid higher US treasury yields. Recent hawkish comments from the US Fed chairs would likely weigh on the metal prices. Meanwhile, a resurgence of tension in the Middle East would provide support to the bullion. Moreover, increasing investment demand in China and safe haven demand would provide support to the bullion."
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