Gold Price In Chennai & Hyderabad Today, April 7: 22-24K/100 Gms of Gold Falls Over Rs 2,500; Silver Flat

Following an official announcement of tariff rates, gold prices fell precipitously on the domestic market, and geopolitical tensions, particularly those originating from the Middle East and Russia-Ukraine have triggered Gold prices fell from their most recent highs amid the effects of a global trade war after US President Donald Trump's more aggressive-than-expected tariff program. Additionally, the exemption of other metals and precious metals from reciprocal tariffs has caused the price of yellow metal to fall below $3050 per ounce on the global market.

Gold & Silver Prices In Hyderabad And Chennai Today

Today, 24 carat gold costs Rs 9,038 per gram, 22 carat gold costs Rs 8,285 per gramme, and 18 carat gold costs Rs 6,830 per gram in Chennai and Hyderabad. In Chennai and Hyderabad, the price of 22k of 10 grams of gold dropped to Rs 82,850 on Monday from Rs 83,100 earlier, indicating a 250 rupee drop in price. In the same way, the price of 22k of 100 grams of gold dropped to Rs 8,28,500 today from Rs 8,31,000 before, indicating a 2,500 rupee decrease.

In Chennai and Hyderabad, the price of 24k of 10 grams of gold dropped by Rs 280 to Rs 90,380 on Monday from Rs 90,660 on Saturday. Meanwhile, the price of 24k of 100 grams of gold dropped by Rs 2,800 to Rs 9,03,800 in the cities today from Rs 9,06,600 earlier. While 18k of 100 gms of gold would cost Rs 6,83,000 in the cities today compared to Rs 6,84,500 earlier, reflecting a price decrease of Rs 1,500, 18k of 10 grams of gold prices in Chennai and Hyderabad reached Rs 68,300 on Monday compared to Rs 68,450 on Saturday, showing a price drop of Rs 150.

Today, the price of silver in Hyderabad and Chennai were flat at Rs 1,03,000 per kilogram and Rs 103 per gram.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade slightly lower for the day, as US President Donald Trump's broadening trade war batters the prospects for the global economy," said the research team of Nirmal Bang Securities Pvt. Ltd.

Spot Gold Outlook Today

"Gold is expected to find the support near $2960 per ounce and halt its sell off amid escalating trade tension and growing fear of recession. Moreover, investors will await any retaliatory measures from other nations which could bring more volatility in the bullion price. Gold prices will get benefit from increasingly volatility in trade and geopolitical risk. The tariffs will hit growth and increase inflation leading to stagflation. Meanwhile, liquidation across the asset class would likely to check its upside," commented the research analysts of ICICI Direct Research.

"On the data front fresh addition of call in ATM and OTM call indicates prices to face stiff resistance near $3060. Moreover, On the other hand unwinding of put base indicates more downside towards $2950. MCX Gold June is expected to find support near ₹86,500 and rebound towards ₹89,500 level," they further added.

MCX Silver Prediction

"MCX Silver May is expected to find support near ₹84,000, if holds then it will rebound towards ₹89,500 level. Only move below ₹84,000, it would turn weaker towards ₹82,000. Rising gold silver ratio above 100 after COVID indicates under performance of silver," stated the research analysts of ICICI Direct Research.

Disclaimer

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