Chennai Gold Rates On Jan 6th Stable, 22K, 24k, 18k Holding Yesterday’s Rates; Silver Stable too

The Gold market began this week with no major movements Chennai gold prices for two consecutive days. As the US dollar index is now declining after touching record high recently Gold prices are expected to move upwards in coming days.

Chennai Gold Prices Today

As of January 6, 2025, the price of 22-carat gold in Chennai remains stable at Rs. 72,150 per 10 grams, while 24-carat gold is priced at Rs. 78,710. The price of 18-carat gold today stands at Rs. 59,030 per 10 grams.

For larger quantities, the price of 100 grams of 24-carat gold is Rs. 7,87,100, while 100 grams of 22-carat gold is priced at Rs. 7,21,150.

Silver Prices in Chennai Today

Silver rates in Chennai today per kg and currently stand at Rs.99,000. Similarly, the price for 100 grams of silver costs Rs. 9,900.

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 report from Reuters dated January 6, spot gold prices rose by 0.2%, reaching USD 2,643.69 per ounce as of 02:29 GMT, indicating a steady demand for the precious metal. Meanwhile, U.S. gold futures advanced by 0.1%, trading at $2,656.80 per ounce, reflecting investor interest amid ongoing economic uncertainties. In addition to gold, spot silver also gained momentum, rising by 0.2% to $29.67 per ounce.

Gold Price Trends in Chennai: Key Influences

1. Fxstreet reported, the price of gold is struggling to gain momentum, hovering around $2,640 during the early Asian trading hours on Monday.
2. Stronger US Dollar Weighs on Gold: The stronger US Dollar is exerting pressure on the yellow metal.
3. Investors are eagerly awaiting the release of US labor market data for December on Friday, which could provide fresh direction for gold prices.
4. ISM's Manufacturing PMI for December rose to 49.3 from 48.4 in November, suggesting some strength in the US economy, FXsteert reported.
5. Market participants are also awaiting ADP hiring data, job openings data, and the minutes from the Fed's last policy meeting for more clarity on future market movements.
6. With Donald Trump returning to office on January 20, his proposed tariffs and protectionist policies are expected to drive inflationary pressures, further supporting gold's appeal Reuters cited.