Chennai Gold Rates Fall On Dec 24 Across Purities; 24k, 22k 18k Yellow Metal Slips; Silver Stays Stable

Gold prices in Chennai today Slip Slightly across purities. As the festive season kicks off, gold prices in Chennai experienced a downward shift across various commodities, marking a notable change during the festive season. The dip comes as the market responds to global and domestic factors,

Gold Price in Chennai Today

On 24th December 2024, 22 carat gold rates in Chennai today slipped by Rs. 100 to cost Rs. 70,900. Meanwhile 24 carat gold rates now retails Rs. 77,350 which fell by Rs. 100. Just like that 18 carat gold rates in Chennai also declined By Rs. 80 to retail at Rs. 58,010.

Similarly, 100 grams of 24-carat gold retails at Rs. 7,73,500, and 22-carat gold per 100 grams costs Rs. 7,09,000.

Silver Prices in Chennai Today

In Chennai, silver prices remained unchanged today with the rate for one kilogram of the white metal priced at Rs. 98,900. For smaller quantities, the cost of 100 grams of silver is Rs. 9,890.

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 the latest reports from Reuters, spot gold prices saw a slight rise on Tuesday as investors adjusted their expectations for a potentially less aggressive approach to interest rate cuts by the Federal Reserve in the upcoming year. This movement in gold prices comes amidst a holiday-shortened trading week, with lower market activity anticipated as the year draws to a close.
As of 03:07 GMT, spot gold rose by 0.1%, reaching USD 2,616.13 per ounce. Meanwhile, U.S. gold futures remained steady, trading at USD 2,629.80 per ounce. Market analysts attribute the price stabilization to cautious investor sentiment, as market participants weigh the Federal Reserve's anticipated monetary policy shifts alongside broader economic indicators.

Factors Influencing Gold Prices Lately

Spot Gold prices have climbed to a fresh daily high of approximately $2,620 during the latest trading session, continuing their steady ascent from earlier in the day.

Persistent geopolitical tensions and fears of trade conflicts have provided demand for gold supporting its recent price movements.

A slight pullback in US Treasury bond yields has provided additional support to gold prices. Recently, the Federal Reserve recently indicated a slower pace of interest rate cuts in 2025, signaling a more hawkish approach to monetary policy which strengthened the US Dollar, which is hovering near a two-year high, creating downward pressure on gold prices.