Chennai Gold Prices Today Surge Across 24K, 22K, And 18K Variants; Check The Latest Rates Now

Gold prices in Chennai today extended gains after three long days of no major movements. The previous pause in the market was attributed to a lack of demand. However, this trend has now reversed. Despite global gold rates declining due to a strengthening U.S. dollar and higher 10-year Treasury yields, Chennai's gold market has shown resilience, breaking the period of stability.

Gold Prices In Chennai Today

On 8th January 2025, 10 grams of 22-carat gold in Chennai cost Rs. 72,250, with a rise of Rs. 100. Similarly , the 24-carat gold prices in Chennai increased by Rs. 110, now retailing at Rs. 78,820 per 10 grams. Similarly, the cheaper variant of gold, the 18-carat gold rose by Rs. 90, to cost Rs. 59,120 per 10 grams.

The prices of higher weight quantities also jumped; the 22-carat gold price per 100 grams jumped by Rs. 1,000, reaching Rs. 7,22,500. In comparison, the 24-carat gold rates in Bangalore per 100 grams increased by Rs. 1,100, now standing at Rs. 7,88,200.

Silver Prices in Chennai Today

Silver rates in Chennai today observed no major movements and currently stand at Rs.1,00,000. Similarly, the price for 100 grams of silver costs 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

Reuters in its latest reports stated that gold prices faced slight pressure on Wednesday, dipping lower amid rising U.S. Treasury yields and a stronger dollar. This downward trend followed data indicating that the Federal Reserve may slow the pace of interest rate cuts this year, raising concerns about the outlook for precious metals. Spot gold fell by 0.1%, trading at USD 2,648.16 per ounce at 03:08 GMT, while U.S. gold futures also decreased by 0.1%, settling at USD 2,662.30. In contrast, spot silver saw a modest gain of 0.3%, reaching USD 30.11 per ounce.

Key Drivers Behind the Gold Market's Movement

• Gold prices struggled to maintain higher levels following the release of optimistic U.S. economic data, as hawkish expectations surrounding the Federal Reserve put pressure on the precious metal as FXstreet reported.
• The recent uptick in U.S. job data has fueled the momentum of the dollar, further weighing on gold prices.
• Analyst predict that as Donald Trump prepares to take office on January 20, his proposed tariffs and upcoming policies will potentially drive up interest rates and strengthen the U.S. dollar
• The market is now looking ahead to the U.S. non-farm payrolls report set for Friday, which could provide additional insights into the Fed's future policy decisions.
• Investors are also closely monitoring the ADP employment report and the minutes from the Fed's December meeting, both of which are expected later today.