Gold Price In Chennai & Hyderabad On May 21: 24K/100 Gms Jumps Rs 24,000; 1 Kg Silver Price Rally Rs 3,000

Following a drop yesterday, gold prices on the domestic market saw an enormous rise on Wednesday, May 21. A weaker dollar and the U.S. government's credit rating being downgraded from Aaa to Aa1 by Moody's have caused gold to reach a one-week high on the global market. According to Reuters, U.S. gold futures gained 0.7% to $3,307.30 at 0408 GMT, while spot gold was up 0.5% at $3,305.39 an ounce.

Gold & Silver Price In Chennai & Hyderabad Today On Wednesday, May 21

Today, 24 carat gold costs Rs 9,742 per gram, 22 carat gold costs Rs 8,930 per gram, and 18 carat gold costs Rs 7,360 per gram in Chennai and Hyderabad. In Chennai and Hyderabad, the price of 22k of 10 grams of gold would be Rs 89,300 today, up Rs 2,200 from Rs 87,100 yesterday. Similarly, the price of 22k of 100 grams of gold hit Rs 8,93,000 on Wednesday, up Rs 22,000 from Rs 8,71,000 yesterday.

In Hyderabad and Chennai, the price of 24k of 10 grams of gold increased by Rs 2,400 to Rs 97,420 today from Rs 95,020 yesterday. Similarly, the price of 24k of 100 grams of gold surged to Rs 9,74,200 on Wednesday from Rs 9,50,200 yesterday, which represents a more expensive rate of Rs 24,000.

The price of 18k of 10 grams of gold in Chennai and Hyderabad on Wednesday reached Rs 73,600 compared to Rs 71,800 on Tuesday, representing a price jump of Rs 1,800, similarly 18k of 100 grams of gold rates in Hyderabad and Chennai today stood at Rs 7,36,000 compared to Rs 7,18,000 yesterday representing a costlier rate of Rs 18,000.

In Chennai and Hyderabad, the price of silver is Rs 111 per gram today and Rs 1,11,000 per kilogram, as opposed to Rs 108 and Rs 1,08,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold has formed a double top pattern on the daily chart. It has witnessed a bearish crossover in the 10- and 20-day EMAs. However, In yesterdays trading session, it have made a bullish candlestick pattern and have again reclaimed levels above 10 & 20 EMA. Resistance is now placed at 95500-95800 and support is placed at 94050. one can use current rally to sell MCX gold around 95800 level for target of 94000 any close above 95800 will warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook 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 higher for the day, as gold prices are steady after two days of gains, supported by investors' jitters over the impact of trade tensions on the global economy along with the latest geopolitical news from the Middle East," the brokerage firm Nirmal Bang Securities stated in a note.

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.