Chennai Gold Prices Surge Across Purities On Jan 20; Check Today’s 24K, 22K, 18K Rates

Gold prices in Chennai experienced a slight rise today, marking a positive start to the year for the precious metal market. With the beginning of the new year, demand for gold has been gradually restored, with many investors and consumers returning to the market. The market is showing signs of positivity as gold, being a preferred investment option in times of uncertainty, is drawing attention from those seeking a safe-haven asset amidst fluctuating market conditions.

Gold Prices In Chennai Today

As of today 22 carat gold rates in Chennai Spiked by Rs. 150 per 10 grams to cost Rs. 74,500 vehicle the 24 carat gold prices in Chennai is now retailing at Rs. 81,230 per 10 grams which jumped by Rs. 120. Just Like that the 18 carat gold rate is now at Rs. 61,000 which rose Rs. 170 per 10 grams

For people looking for bulkier quantities 100 grams of 22 carat Gold In now retailing at Rs. 7,43,000 after surging by Rs. 1500 whereas the 24 carat gold is now at Rs. 8,12,300 which rose by Rs. 1200 per 100 grams,

Silver Prices in Chennai Today

Silver Prices In Chennai have remained constant from the past three trading sessions despite a lot of volatility seen in the gold prices Currently, 1 kg of white metal in Chennai now costs Rs. 1,04,000, and 100 grams of white metal currently stands at Rs. 10,400 showing no major changes.

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

One of Reuters latest reports suggested that the spot gold fell 0.1% to $2,697.60 an ounce at 0300 GMT. This comes after a 0.5% drop earlier in the day, which indicated some market instability for the precious metal. Additionally, U.S. gold futures fell, falling 0.3% to USD 2,740.10, indicating a brief break in the bullish trend observed in earlier sessions. Spot silver also experienced a decline, dropping 0.6% to USD 30.16 an ounce. As the market responds to continuing economic signs and changes in investor attitude, silver prices are declining.

Market Expert Outlook on Gold and Silver Prices

According to a commodity report from ICICI Direct Research, "spot gold is expected to face significant resistance near the $2,720 level, primarily due to the strength of the U.S. dollar. Additionally, improved economic data from the U.S. has reignited expectations that the Federal Reserve may reduce the pace of rate cuts, potentially easing only once in 2025. This shift in expectations could lead to further pressure on gold prices.

However, demand for gold as a safe-haven asset may rise, particularly as investors await the inauguration of U.S. President Trump and the unveiling of his policies on trade, tax, and immigration. These policies are anticipated to have inflationary effects and could potentially trigger trade wars, further supporting gold's appeal.

The outlook for gold suggests that it could slip towards the $2,665 level, with further downside potential if it breaks below this threshold, possibly reaching the $2,650 level. For MCX Gold February contracts, the expectation is a decline towards ₹78,500, provided it remains below Rs. 79,300.

As for silver, spot prices are likely to experience further declines, targeting the $29.50 level, as long as it trades below the $30.35 mark, which is also the 50-day exponential moving average (EMA). A break below $29.50 could push prices further down to the $29 level. Similarly, MCX Silver March contracts are projected to dip towards ₹89,000, unless prices rise above ₹92,000."