Gold Price In Hyderabad & Chennai Today, 3rd March: Latest Rates & Market Trends; What Buyers Need To Know?

On Monday, March 3, the price of gold remained steady in Hyderabad and Chennai. Following the Fed's indication that rapid rate cuts were not urgent, the nation's gold price remained constant. Due to pressure from a stronger dollar and a decline in the likelihood of Fed rate reduction, international gold prices fell to $2,850 an ounce. Gold prices are predicted to continue to fluctuate in the near future as investors consider the economic outlook and develop increasingly concerned about US President Donald Trump's tariff system.

Gold Price In Hyderabad & Chennai Today

On Monday, the price of gold remained steady in Hyderabad and Chennai. While the price of silver remained steady at Rs 105 per gramme and Rs 1,05,000 per kilogramme, the price of gold in Hyderabad today is Rs 8,662 per gramme for 24 carat gold, Rs 7,940 per gramme for 22 carat gold, Rs 6,497 per gramme for 18 carat gold. In contrast, the price of silver in Chennai today is Rs 105 per gramme and Rs 1,05,000 per kilogramme, while the price of gold remained steady at Rs 8,662 per gramme for 24 carat gold, Rs 7,940 per gramme for 22 carat gold, and Rs 6,540 per gramme for 18 carat gold.

MCX Silver Outlook

"On the technical front, MCX Silver faced profit booking at key levels and formed a bearish candle on the weekly chart. The commodity is likely to test the 9140092700 range to complete its price cycle, with fresh buying activity potentially emerging within this zone. In terms of key levels, resistance for MCX Silver is positioned at 94800/96000, with a breakout above 96000 potentially driving prices toward 97800/99000 levels. Traders are advised to adopt a 'Buy on Dips' strategy for short-term gains," commented Jebaris Nadar - Research Associate at Way2Wealth Brokers Pvt. Ltd.

MCX Gold Outlook

"From a technical perspective, MCX Gold faced profit booking last week and closed with a bearish candle formation on the weekly chart. The commodity broke below its daily swing low levels with substantial selling volumes, indicating that profit booking may continue in the near term. Currently, MCX Gold might retest the 84700-85250 zone, where fresh sellers could actively engage. On the downside, support is observed at 83880/83500, and a breakdown below 83500 could extend the decline toward 83200/82700 levels. Traders are advised to maintain tight stop losses as the commodity is trading in a critical zone that could witness heightened volatility," stated Jebaris Nadar.

Gold & Silver Price Prediction In India 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 rose after last week's sharp correction, with investors weighing the economic outlook as US President Donald Trump prepares to implement import levies against key trade partners," as per Nirmal Bang Securities Pvt. Ltd.

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.