Gold Price In Hyderabad & Chennai Today: 24K/10 Gms of Gold Hits Rs 90,440; 1 Kg Silver At Rs 1,05,000

On Wednesday, March 19, gold continued to rise in the domestic market as a result of China's intentions for more economic stimulus as well as growing geopolitical tensions and turmoil in the Middle East. Amid tariff concerns and demand for safe havens, the price of 24k/10 grams of gold rose to Rs 90,440 today in major Indian cities like Hyderabad and Chennai, while the price of 1 kilogram of silver hit Rs 1,05,000 today. As the entire market has been keenly monitoring the Fed policy meeting, Governor Powell's remarks, and economic projections, gold prices surged 1% to reach a new record high of about USD 3030 odd level that is stabilized above the $3,000 barrier.

Gold & Silver Rates In Hyderabad-Chennai Today

Today, 24 carat gold costs Rs 9,044 per gramme, 22 carat gold costs Rs 8,290 per gramme, and 18 carat gold costs Rs 6,783 per gramme in Hyderabad and Chennai. While the price of 22k of 100 grams of gold is going to cost Rs 8,29,000 in the cities today compared to Rs 8,25,000 yesterday, representing an additional cost of Rs 4,000, the price of 22k of 10 grams of gold in Hyderabad and Chennai on Wednesday reached Rs 82,900 compared to Rs 82,500 on Tuesday, representing a costlier rate of Rs 400.

On Wednesday, the price of 24k of 10 grams of gold in Hyderabad and Chennai was Rs 90,440, up Rs 440 from Tuesday's price of Rs 90,000. In contrast, 24k of 100 grams of gold will cost Rs 9,04,400 in the cities today, up Rs 4,400 from yesterday's price of Rs 9,00,000.

While 18k of 100 grams of gold will cost Rs 6,78,300 in Hyderabad and Chennai today compared to Rs 6,75,000 yesterday, encompassing a price jump of Rs 3,300 in a single day, 18k of 10 grams of gold reached Rs 67,830 on Wednesday compared to Rs 67,500 on Tuesday, expressing a price jump of Rs 330.

Amid growing middle east concerns and trade uncertainty brought on by U.S. President Donald Trump's tariff intentions, the price of silver in Hyderabad and Chennai today is Rs 114 per gramme and Rs 1,14,000 per kilogramme. Ten grams of silver will cost Rs 1,140 in the cities today compared to Rs 1,130 yesterday, and 100 grams will cost Rs 11,400 in Hyderabad and Chennai today compared to Rs 11,300 yesterday. Meanwhile, the price of one kilogram of silver in Hyderabad and Chennai went up by Rs 1,000 to Rs 1,14,000 on Wednesday from Rs 1,13,000 on Tuesday.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to be in a strong uptrend, making new highs and continuing its upward journey. Moving averages and momentum oscillators indicate strong momentum. In yesterday's trading session, however, MCX Gold had a gap-up opening. Any attempt to fill the gap will be an opportunity to buy the yellow metal for intraday traders. On the daily chart, support is placed at 88,260/88,160. On the upside, MCX gold will attempt to touch 89,350/89,500/90,000 levels in the coming trading sessions," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading flat 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 held near a record ahead of an interest-rate decision from the Federal Reserve, with the precious metal supported by risk-off sentiment following a selloff on Wall Street," Nirmal Bang Securities highlighted.

Gold On Fire: How Geopolitics & A Surging Dollar Are Driving Bullish Momentum?

"We have been bullish on gold for quite some time now and from around 2300 USD levels and for a wide variety of reasons including on the back of 60 plus national elections last year which mostly resulted in more protectionist governments taking control , finally ending with Mr Trump assuming office. All of this had a major impact on the USD which rose from 93 odd levels to almost 110 during the course of this year. Partly due to this , and for other geopolitical reasons, central banks including PBOC and our own have been accumulating gold at every dip and that has been a key bull momentum factor at play," said Mr. Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution.

"At the time of writing this piece, gold is trading at new highs of about USD 3030 odd levels (90,000 INR) and the Fed meeting is awaited. Investors are rushing to gold as trade tensions continue to take centerstage apart from technical factors at play. With the USD at a critical stage in the near term, though long term a downfall is expected if the US does undergo a recession at some stage, gold will likely find continuous supports in the meanwhile," he added.

"One wouldn't therefore , given all the above, be surprised if USD Gold prices indeed touch 3300 USD within the next few months as we face uncertainties that didn't exist earlier and where a global trade war could get out of control , unintentionally so. This possibility could be further fuelled if the Fed surprises markets by more than two cuts this year," Sandip Raichura further commented.

How Tariff Tensions & EU-Ukraine Standoff Fuel Gold's Safe-Haven Appeal?

The European Union's stance on Ukraine and a retaliation against US steel and aluminum tariffs have added to market nervousness. Such tariffs have the potential to have a large impact over the next couple of years as businesses may possibly halt activities till they rebalance for the new regime and could potentially have a major impact on economic output in the developed world, said Sandip Raichura.

"In the face of such uncertainties, which transgress international borders, gold is likely to be the currency of choice even from current levels. Given that crude may show near-term negative impulses, a substitution as far as speculative longs are concerned could be also at play here for traders. China has also recently openly communicated its intent to create inventories of all critical minerals and material groups and this lends additional support for the medium term," stated Sandip Raichura.

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.