Chennai Gold Prices Inch Up on Dec 17: 24K Gold at Rs.78,000; Silver Holds Firm at Rs.1,00,000

After some sharp declines the previous week, gold rates in Chennai today are moving sluggishly with a marginal rise. Market participants are waiting with bated breath for the FOMC meeting outcomes due tomorrow for fresh perspective on gold prices in the upcoming days.

Gold Price In Chennai Today

The 22-carat gold rate in Chennai today rose slightly by Rs.100 per 10 grams, bringing the price to Rs.71,500. Meanwhile, 24-carat gold saw an increase of Rs.110 per 10 grams, reaching Rs.78,000. Similarly, the 18-carat gold price in Chennai edged up by Rs. 50 per 10 grams, now retailing at Rs.59,000.

For larger quantities, 100 grams of 24-carat gold is currently priced at Rs.7,80,000, with a rise of Rs.1,100, while 100 grams of 22-carat gold now costs Rs.7,15,000, after an increase of Rs.1,000.

Silver Prices in Chennai Today

In Chennai, silver prices remain unchanged for the third consecutive day today with the rate for one kilogram of the white metal priced at Rs. 1,00,000. For smaller quantities, the cost of 100 grams of silver is Rs. 10,000.

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 On Dec 17

According to a report by Reuters, spot gold saw a modest increase of 0.1%, trading at USD 2,655.07 per ounce as of 03:35 GMT. There is a slight movement in the gold market as traders await key economic signals.

Meanwhile, U.S. gold futures remained unchanged at $2,672.40 per ounce as investors are looking forward to upcoming policy decisions and macroeconomic data. In contrast, spot silver experienced a minor decline of 0.2%, settling at $30.47 per ounce.

Top Factors Influencing Gold Prices Right Now

According to ING VAYSA's latest outlook report for gold in 2025, gold has emerged as one of the top performers among major commodities this year. The precious metal has surged more than 25% year-to-date, reaching a series of record highs. This remarkable growth has been driven by optimism surrounding rate cuts, substantial purchases by central banks, and strong demand from Asia. Additionally, safe-haven demand, fueled by heightened geopolitical risks and uncertainty ahead of the U.S. election in November, has further supported gold's record-breaking rally in 2024.

Looking ahead, the FOMC meeting outcomes on 18th along with several central banks policy decisions which are expected to be released on December 19 would largely influence the market sentiments.