Chennai Gold & Silver Market Update : 24K Gold Dips by Rs. 1100 on Nov 30, Silver Unmoved

_{As November comes to a close, gold prices in Chennai have experienced a slight dip, with a 3% drop observed this month. However, yesterday, prices saw some gains, largely driven by the weakening of the U.S. dollar. The drop in the dollar's value provided some upward momentum for gold, though overall, the month has been marked by a downward trend.}

_{Gold Price In Chennai today:}

_{The 22-carat gold rate in Chennai dropped by Rs. 100 per 10 grams, now priced at Rs. 71,500. The 24-carat gold price in Chennai also fell by Rs. 110, settling at Rs. 78,000 per 10 grams. In the case of 18-carat gold, a reduction of Rs. 50 was observed, bringing the price to Rs. 59,100 per 10 grams.
In larger quantities, 24-carat gold per 100 grams saw an increase of Rs. 1,100, reaching Rs. 7,80,000, while 22-carat gold per 100 grams decreased by Rs. 1,000 to Rs. 7,15,000.}

_{Silver Prices in Chennai Today}

_{Silver prices remained stable today, with 1 kg priced at Rs. 1,00,000 and showing no fluctuation. Similarly, 100 grams of silver in Chennai is priced at Rs. 10,000. However, over the past ten days, silver prices in Chennai have seen significant fluctuations, with notable rises and falls. Despite the current stability, the market has been volatile recently, indicating a period of price uncertainty for silver.}

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 Reuters' recent report Spot gold prices saw a modest rise of 0.5%, reaching $2,652.71 per ounce by 1:40 p.m. ET (18:40 GMT) on Friday. However, despite this increase, gold is set to end the week with a loss of over 2%, following a sharp drop earlier this week. The price of U.S. gold futures also saw an uptick, settling 0.6% higher at $2,681 per ounce. Meanwhile, silver prices also showed an upward movement, with spot silver adding 0.9% to reach $30.54 per ounce. These fluctuations reflect ongoing market uncertainty and broader economic factors affecting precious metals.}

_{Gold Outlook As Per Experts:}

_{As noted in an analysis from FX Empire, while the gold market has faced significant declines this week, there are signs of a potential recovery. Geopolitical factors are expected to continue supporting gold, with predictions of sideways movement through December. Experts anticipate a possible surge into the new year, potentially breaking the $2,800 mark. In a more bullish scenario, Goldman Sachs forecasts gold prices could rise to $3,150 per ounce by December 2025, driven by persistent inflation and geopolitical uncertainty, suggesting a 19% upside from current levels.}