Chennai Gold Rates Observe A Surge For 24K, 22K, and 18K Yellow Metal; Silver Prices Hold Steady

On 3rd December 2024, Gold prices in Chennai extended gains after three sessions of muted trade. The influence of the US dollar, and the US economic data are making global prices move which is influencing domestic prices.

Gold Price In Chennai today

The rise in prices is seen across all purities today. 22-carat gold prices in Chennai cost Rs. 71,300 after rising by Rs. 400 per 10 grams. The 24-carat gold rate also leaped by Rs. 430 to cost Rs. 77,780 per 10 grams. The prices for 100 grams of 24-carat yellow metal are now Rs. 7,77,800 after falling by Rs. 4,300, and 22-carat gold also dropped by Rs. 4,000 to stand at Rs. 7,13,000 per 100 grams.

Silver Prices in Chennai Today

There have been no major changes to silver rates in Chennai in the last two days, and currently the price for 1 kg of silver stands at Rs. 99,500, and 100 grams of silver retails at Rs. 9,950.

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 In The Global Market

According to the latest report from Reuters, spot gold remained nearly unchanged at $2,636.50 per ounce as of 0156 GMT, following a drop of up to 1% on Monday. U.S. gold futures also held steady at $2,659.00. The U.S. dollar continued to rise, which made gold priced in dollars more expensive for overseas buyers, potentially weighing on demand. Meanwhile, spot silver saw a slight increase of 0.1%, trading at $30.51 per ounce.
Gold prices held steady on Tuesday as investors adopted a cautious approach, awaiting critical U.S. economic data that is expected later in the week. The upcoming reports, including key employment figures, are likely to provide fresh insights into the Federal Reserve's future interest rate decisions, which could have a significant impact on the direction of the precious metals market.

Key Factors Driving The Gold Market

The commodity market is currently being influenced by broader market dynamics. As reported by FXstreet, gold prices have dropped below $2,650 in early Asian trading on Tuesday, maintaining a position within their recent range. Investors are awaiting key U.S. employment data, which is expected to guide future market movements. The release of the U.S. Job Openings and Labor Turnover Survey (JOLTS) will kick off an important week of labor market reports. These reports are likely to provide crucial insights into the Federal Reserve's outlook on interest rates. Gold prices are expected to take direction from the data, as any shifts in expectations about potential rate cuts from the Fed could significantly impact market sentiment and gold's price trend.