Gold Price Today In Chennai & Hyderabad Today (24 March): 18K, 22K & 24K Gold Falls; Silver Flat On Monday

On Monday, March 24, gold prices fell on the domestic market amid worries about upcoming reciprocal tariffs from US President Donald Trump. Amid rising U.S. dollar numbers, geopolitical concerns, and anticipation of Fed rate cuts, gold prices are stable globally, staying just around the $3000 level. Trump proposed a wave of trade duty (tax) that would go into force on April 2 in addition, today's attention will be on preliminary Manufacturing and Services PMI data from key economies, which will determine the bullion's trajectory in the days ahead.

Gold Price In Hyderabad & Chennai Today

A gram of 24 carat gold costs Rs 8,962 in Hyderabad and Chennai today, while a gram of 22 carat gold costs Rs 8,215 and an 18 carat gold weighs Rs 6,722. In Hyderabad and Chennai, the price of 22k of 10 grams of gold dropped by Rs 150 to Rs 82,150 on Monday from Rs 82,300 earlier. In contrast, the price of 22k of 100 grams of gold would be Rs 8,21,500 in the cities today, which is Rs 1,500 less than the price of Rs 8,23,000 on Saturday.

The price of 24k of 10 grams of gold in Hyderabad and Chennai dropped by Rs 160 to Rs 89,620 on Monday from Rs 89,780 earlier. Meanwhile, the price of 24k of 100 grams of gold dropped by Rs 1600 to Rs 8,96,200 in the cities today from Rs 8,97,800 on Saturday.

In Hyderabad and Chennai, the price of 18k of 10 grams of gold dropped by Rs 120 to Rs 67,220 on Monday from Rs 67,340 earlier. In the same way, the price of 18k of 100 grams of gold dipped by Rs 1,200 to Rs 6,72,200 today from Rs 6,73,400 previously.

The prices of silver in Hyderabad and Chennai today were flat at Rs 110 per gram and Rs 1,10,000 per kilogram.

MCX Gold Outlook Today

"Technically, gold remains in an uptrend, with RSI, moving averages, and Supertrend showing momentum. However, a bearish gravestone doji on the weekly chart signals potential selling. MCX Gold is likely to trade sideways, with resistance at 89,795 and support at 89,800/89,700. Traders can buy on dips for targets of 88,400/89,500, but weakness below 89,700 will require a review," as per the analysis of Abhishek M Pelu - Research Analyst at Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading mix today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices are steady - after two days of declines - as economic and geopolitical risks supported haven demand, despite signs that the next wave of US tariffs may be more targeted than expected," said the research team of Nirmal Bang Securities.

Spot Gold Outlook

"Gold is expected to correct further towards $3000 level amid strong dollar and rise in US treasury yields. Dollar and Yields may move north on fears that US tariffs will increase inflation in near term, giving more space for Federal Reserve to hold interest rate steady. So far the impact of new policies in US has not been captured in data, which will force Fed to adopt wait and watch approach before making any bold decision on interest rates. Meanwhile, sharp fall in prices may be cushioned on safe haven buying following escalating geopolitical tension in Middle East and economic uncertainties," said the technical research team of ICICI Direct Research.

"Spot gold is likely to correct back towards $3000 level as long as it stays below $3050 level. Only break below $3000 level prices may slip further towards $2980/$2960 levels. MCX Gold April is expected to dip towards ₹87,200 level as long as it stays below ₹88,500 level. A break below ₹87,200 level prices may correct further towards 86,700 level. MCX Silver May is expected to slip further towards ₹96,000 level as long as it trades below ₹99,000 level," they further added.

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.