Chennai Gold Rates Fall Across All Purities On Dec 18, Silver Stays Firm; Check Latest Prices

Gold rates in Chennai slipped today by a small margin following a modest rise in prices observed yesterday. The marginal decline in gold prices is due to a minor drop of 0.07% in the U.S. dollar index, which often influences the movement of precious metals. The market eagerly anticipates the Federal Reserve's meeting minutes, set to provide critical insights into the central bank's stance on interest rate cuts. A dovish outlook could potentially boost gold prices by weakening the dollar and reducing bond yields, while a more hawkish tone may exert downward pressure on the yellow metal.

Gold Price in Chennai Today

On 18th December 2024, the 22-carat gold rate in Chennai dropped by Rs. 150 per 10 grams, now priced at Rs. 71,350. The 24-carat gold price in Chennai also fell by Rs. 160, settling at Rs. 78,840 per 10 grams. Similarly, the 18-carat gold also decreased by Rs. 100, bringing the price to Rs. 58,900 per 10 grams.

In larger quantities, 24-carat gold per 100 grams saw an increase of Rs. 1600, reaching Rs. 7,88,400, while 22-carat gold per 100 grams decreased by Rs. 1,500 to Rs. 7,13,500.

Silver Prices in Chennai Today

In Chennai, silver prices remained unchanged for the fourth 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

According to a report by Reuters, spot gold prices edged up by 0.1%, reaching USD 2,648.43 per ounce as of 02:37 GMT, gaining slightly in early trade. In contrast, U.S. gold futures showed no significant movement and remained flat at USD 2,663.20 per ounce, indicating a cautious stance among investors ahead of key economic updates. Meanwhile, spot silver prices dipped slightly by 0.2%, settling at USD 30.46 per ounce, marking a minor pullback in the broader precious metals market.

Factors Steering the Precious Metals Market Today

Several key factors are currently shaping the trends in the precious metals market, with gold and silver prices being influenced by both global and domestic economic developments.

• The Federal Reserve meeting, which began on December 17, is set to conclude today with the announcement of its decision regarding interest rate cuts. This decision will not only impact the current outlook for gold and silver but will also provide a clearer picture of the Fed's future monetary policy stance.
• In addition to the Federal Reserve, other major central banks, including the Bank of Japan (BoJ), Bank of England (BoE), Riksbank, and Norges Bank, are set to announce their policy decisions later this week as per Reuters report
• Market participants are also eyeing the upcoming release of the U.S. GDP and inflation data, which is scheduled for later this week. Higher-than-expected inflation or slower GDP growth could strengthen the appeal of gold as a safe-haven asset.