Buying Gold In Chennai/Hyderabad Today? Rally In 22 Carat & 24 Carat Rates (May 13, 2025); Buy Or Wait?

On Tuesday, May 13, gold prices surged notably on the domestic market as geopolitical tensions decreased following the India-Pakistan ceasefire and the Russia-Ukraine agreement, which reduced demand for conventional safe-haven assets. On the global stage, gold prices fell below $3,250 an ounce as market mood improved after a major cut in US-China tariffs.

Gold & Silver Prices In Chennai & Hyderabad Today

In Hyderabad and Chennai, the current price of gold is Rs 8,765 per gram for 22 carat gold and Rs 9,562 per gram for 24 carat gold. Tuesday's gold prices for 22k of 10 grams in Chennai and Hyderabad were Rs 87,650, up from Rs 87,500 on Monday. Today's gold prices for 22k of 100 grams in Chennai and Hyderabad were Rs 8,76,500, up from Rs 8,75,000 yesterday, signifying a Rs 1,500 rise in price.

The price of gold in Chennai and Hyderabad increased by Rs 1,600 on Tuesday, reaching Rs 95,620 for 24k of 10 grams, up from Rs 95,460 on Monday. On the other hand, the price of 24k of 100 grams of gold in Chennai and Hyderabad rose to Rs 9,56,200 on Tuesday, up from Rs 9,54,600 yesterday.

In Hyderabad, the price of 10 grams of 18 carat gold today is Rs 71,720, up from Rs 71,590 yesterday, while the price of 100 grams of 18 carat gold today is Rs 7,17,200, up from Rs 7,15,900 on Monday, marking a Rs 1,300 rise in price.

While gold prices in Chennai for 18k of 10 gms rose to Rs 72,200 on Tuesday from Rs 71,800 on Monday, prices for 18k of 100 grams rose to Rs 7,22,000 today from Rs 7,18,000 yesterday, marking a 4,000-rupee hike in the price.

Today, silver costs Rs 109 per gram and Rs 1,09,000 per kilogram in Chennai and Hyderabad, respectively, as opposed to Rs 110 and Rs 1,10,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold witnessed sharp selling in yesterday's trading session, accompanied by increased volumes. On the daily chart, it formed a bearish Marubozu candlestick pattern, indicating continued weakness ahead. It also breached its 20 EMA support and closed significantly below it, signaling a weakening trend. Additionally, a double top pattern has formed on the daily chart; a breakdown from this pattern could lead to a sharp correction. We expect MCX Gold to remain volatile going forward. Currently, support is placed at 92,200, and resistance is at 97,000," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Bullion Outlook Today

"Gold is expected to slip further towards $3190 level on strong dollar and rise in US treasury yields. Further, demand for safe haven may fade as US and China agreed to slash massive tariffs on each other for 90-days, a move to cool trade tension between 2 largest economies. This deescalation has surpassed investors expectations as many were expecting introductory round of talks with few agreements. Moreover, trade deal has given more space to US Federal Reserve to wait on cutting interest rates. The agreement has reduced the chance of economic slowdown in US. Meanwhile, all eyes will be on CPI data to get more clarity on interest rate outlook," commented the technical research analysts of ICICI Direct Research.

"Spot gold is likely to slip further towards $3190 level as long as it stays below $3270 level. MCX Gold June is expected to slip towards ₹91,800 level as long as it stays below ₹93,700 level," they further added.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.