Chennai & Hyderabad Gold Prices On May 8: 22K At Rs 9,130/Gm, 24K At Rs 9,960/Gm; 1 Kg Silver Tops Rs 1.11 Lac

The Fed's decision to keep interest rates unchanged and the weakening US dollar, which supports gold, caused a dramatic increase in gold prices on the domestic market on Thursday, May 8. Internationally, gold prices surged to almost $3,390 an ounce on Thursday as demand for safe-haven assets climbed due to trade concerns worldwide, particularly between the United States and China. Gold prices may rise as demand for safe havens rises in response to growing fears over US President Donald Trump's anticipated tariffs on pharmaceuticals, which are expected to be unveiled in the coming two weeks.

Gold & Silver Rates In Chennai & Hyderabad Today

In Hyderabad and Chennai, the current price of gold is Rs 9,960 per gram for 24 carat gold and Rs 9,130 per gram for 22 carat gold. On Thursday, the price of gold in Hyderabad and Chennai was Rs 91,300 for 22k of 10 grams, up Rs 550 from Wednesday's price of Rs 90,750. Today, the price of gold in Hyderabad and Chennai was Rs 9,13,000 for 22k of 100 grams, up Rs 5,500 from yesterday's price of Rs 9,07,500.

For 24k of 10 grams, the price of gold in Hyderabad and Chennai was Rs 99,600 on Thursday, up from Rs 99,000 on Wednesday, corresponding to a Rs 600 price gain. Meanwhile, the price of gold in Hyderabad and Chennai was Rs 9,96,000 today, up from Rs 9,90,000 yesterday, indicating a Rs 6,000 price surge.

The price of 18 carat gold per 10 grams is Rs 74,700 in Chennai today, up from Rs 74,550 yesterday, while it is Rs 74,700 in Hyderabad, costlier than Rs 74,250 yesterday.

Today, silver costs Rs 111.10 per gram and Rs 1,11,100 per kilogram in Hyderabad and Chennai, respectively, as opposed to Rs 111 and Rs 1,11,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold largely traded flat in yesterday's trading session. It experienced a sell-off on three-year high volumes in recent sessions, which is an early sign of weakness. However, other technical indicators remain bullish. Fresh investments should be avoided, and rallies should be used to book profits. Currently, resistance is seen at 98800-99200 while support is placed at 95350," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices climbed after tumbling on Wednesday as the Federal Reserve held interest rates, and Chair Jerome Powell said the central bank isn't in a rush to cut despite trade-war uncertainty," commented the research analysts of Nirmal Bang Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.