Gold Now Costlier in Chennai: Big Gains in 24K, 22K, and 18K Rates; Silver Shines Too

Gold prices in Chennai witnessed a massive jump for the third time in a row this week, as global market triggers continue to support the upward trend in gold rates. Geopolitical tensions, which have resurfaced and gained attention globally, are providing strong backing to gold prices in Chennai as well as across other major cities in India. The ongoing conflicts and economic uncertainties are driving investors toward safe-haven assets like gold, further fueling this price rally.

Gold price in Chennai Today

22 carat gold prices in Chennai today surged by Rs. 800 to cost Rs. 72,600 per 10 grams while the 10 grams of 24 carat gold is now costlier by Rs.870 to retail at Rs. 79,200. In the similar line the 18 carat gold rates in Chennai also spiked by Rs. 650 to cost Rs. 59,950.

The 100 gram of 24 carat gold also jumped by Rs.8700 and is now priced at Rs. 7,92,000 and the 22 carat gold per 100 grams is now priced at Rs. 7,26,000 after surging Rs. 8000

Silver Prices in Chennai Today

Silver rates in Chennai today rose Rs.2000 per kg and currently stand at Rs.1,00,000 Similarly, the price for 100 grams of silver costs Rs. 10,000 which rose by Rs.200

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 a report by Reuters, spot gold edged higher by 0.2%, trading at $2,661.19 per ounce as of 02:57 GMT, marking its highest level since December 13. The precious metal has seen a steady rally throughout the week, gaining approximately 1.6% so far, driven by market sentiment favoring safe-haven assets amid global economic uncertainties. Similarly, U.S. gold futures climbed 0.2% to $2,675.40 per ounce, reflecting a positive outlook on gold's performance in the near term. Meanwhile, spot silver remained steady at $29.58 per ounce, holding its ground after recent gains.

Gold Price Trends in Chennai: Key Influences

Recent geopolitical events, such as Russia's drone strike on Kyiv, have contributed to market uncertainty, with traders awaiting upcoming economic data for direction. According to Reuters, the market is looking ahead to critical reports, including U.S. job openings, the ADP employment report, and the Federal Reserve's meeting minutes, all expected next week.

As per an analysis by FxStreet, gold priced in U.S. dollars might face challenges as the U.S. Dollar Index hovers near its highest levels in years, reaching 109.56 on Thursday. Despite this, gold could find support due to subdued U.S. Treasury bond yields, which provide a less attractive alternative for investors. The report further stated that the ongoing trend of central banks increasing their gold reserves has continued to lift demand for the metal.