Gold Prices Crash In Hyderabad & Chennai On May 9: Biggest Fall In This Week; Today’s Rate May Surprise You

Domestic gold prices fell precipitously on Friday, May 9, registering the biggest decline of the week, by Rs 125 to Rs 9,835 for 24k/per gram. A weakening rupee and growing border tensions between India and Pakistan have been the main causes of the gold price's fluctuation. On the global stage, the Federal Reserve's cautious approach to interest rates by maintaining rates at their current level and the uncertainties surrounding US-China trade caused gold to drop below $3,330 per ounce.

Gold & Silver Price In Hyderabad/Chennai Today

Gold currently costs Rs 9,835 per gram for 24 carat gold and Rs 9,015 per gram for 22 carat gold in Chennai and Hyderabad. While the price of 22k of 100 grams of gold in Chennai and Hyderabad is currently Rs 9,01,500 compared to Rs 9,13,000 yesterday, representing a price drop of Rs 11,500, the price of gold in Chennai and Hyderabad on Friday reached Rs 90,150 for 22k of 10 grams, down from Rs 91,300 on Thursday, which is a cheaper rate of Rs 1,150.

The price of 24k of 10 grams of gold in Chennai and Hyderabad dropped by Rs 1,250 to Rs 98,350 on Friday from Rs 99,600 on Thursday. Meanwhile, the price of 24k of 100 grams of gold in Chennai and Hyderabad dipped by Rs 12,500 to Rs 9,83,500 today from Rs 9,96,000 yesterday.

18k gold price in Chennai for 10 grams will cost Rs 74,350, which was Rs 75,350 yesterday, representing a price drop of Rs 1,000. 18k of 10 grams of gold rates in Hyderabad on Friday reached Rs 73,760 compared to Rs 74,700, representing a price savings of Rs 940.

Today, the price of silver remained stable at Rs 111 per gram and Rs 1,11,000 per kilogram in Chennai and Hyderabad.

MCX Gold Outlook Today

"On the technical front, MCX Gold experienced a sell-off in yesterday's trading session but recouped some losses as the Rupee depreciated against the dollar. Yesterday's candlestick indicates weak momentum on the intraday timeframe, which is likely to continue. On the daily timeframe, MCX Gold saw a sell-off on three-year high volumes in recent sessions, an early sign of weakness. However, other technical indicators remain bullish. Fresh investments should be avoided, and rallies can be used to book profits. Currently, resistance is seen at 97,200-97,500, while support is placed at 95,177-94,400," commented Abhishek M Pelu, Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental 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 edged slightly higher - after a roller-coaster week in which it jumped almost 6% in the first two sessions before retracing much of those gains - as the market digested the new US-UK trade deal," stated the research analysts of Nirmal Bang Securities.

Disclaimer

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