Chennai Gold Price Update: 24K, 22K, and 18K Show No Movement; Silver Remains Steady

Gold rates in Chennai remained stable today, showing no significant correction after yesterday's rise. Although the U.S. dollar retreated slightly from its recent highs, gold has resisted further gains.
Investors in the gold market are now closely monitoring the Federal Reserve's upcoming policy meeting, where a decision on a potential rate cut is expected. This decision is anticipated to have a significant impact on market sentiment and gold prices in the days ahead.

Gold Price In Chennai today:

The 22-carat gold prices in Chennai today cost Rs. 71,310 per 10 grams while The 24-carat gold cost Rs. 77,780 per 10 grams. Gold rates today are seeing no major changes in pieces.
The prices for 100 grams of 24-carat yellow metal are now Rs. 7,77,800 and 22-carat gold stands at Rs. 7,13,000 per 100 grams.

Silver Prices in Chennai Today

In Chennai, silver prices today remain steady, with the rate for one kilogram of the white metal priced at Rs. 99,500. For smaller quantities, the cost of 100 grams of silver is Rs. 9,950.

Chennai Gold Price 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 Spot Silver Rates In The Global Market

According to the latest report from Reuters, spot silver edged up by 0.1%, trading at $31.06 per ounce, while spot gold held steady at $2,644.42 per ounce as of 0203 GMT. Meanwhile, U.S. gold futures slipped by 0.1%, settling at $2,666.40 per ounce.
Market participants are now focused on the U.S. payrolls data set for release on Friday, which is expected to provide further clarity on the labor market and its implications for monetary policy. So far, Federal Reserve policymakers have refrained from offering guidance on a potential rate cut in December. Technically, spot gold is showing signs of testing a support level at $2,621, reflecting cautious sentiment as investors navigate the current economic landscape.

Key Factors Driving The Gold Market:

According to an analysis report by FXStreet, gold prices remain supported around $2,650 as investors await key U.S. economic data and remarks from Federal Reserve Chair Jerome Powell. These events are expected to offer insights into the Fed's stance on future interest rate cuts and the broader economic outlook.
The U.S. Dollar has strengthened amidst a risk-averse market environment driven by concerns over China's economic slowdown and ongoing uncertainties surrounding U.S.-China trade relations. This dollar demand has limited gold's upward momentum, as a stronger dollar often makes gold more expensive for holders of other currencies.
Gold's struggle to extend its gains highlights the delicate balance in the market as traders weigh global economic concerns, including China's economic challenges and rising geopolitical tensions, against expectations for U.S. monetary policy adjustments. These factors collectively continue to shape the near-term trajectory of gold prices.