Gold Prices Hit New Heights in Chennai on Dec 10: Huge Rise In 24K, 22K, 18K, Silver At Rs. 1,04,000/Kg

Gold prices in Chennai today jumped for the second consecutive day this week, regaining their luster in the market. Over the past few days, gold has experienced notable volatility, driven largely by fluctuations in the U.S. dollar. Additionally, escalating geopolitical tensions in the Middle East have sparked a surge in demand for the precious metal, further driving up prices.

Gold Price in Chennai today:

The 22-carat gold price in Chennai on the 10th of December 2024 stands at Rs. 72,050 after rising by Rs. 750 per 10 grams. While the 24-carat gold rates in Chennai rose by Rs. 870 per 10 grams to cost Rs. 78,600. In a similar line, the 18-carat gold rates also saw a jump of Rs. 650 to cost Rs. 59,500.

For bulkier quantities, a similar rise was seen as the 100 grams of 22-carat gold now cost Rs. 7,20,500 after rising by Rs. 7500. Similarly, 10 grams of 24-carat gold cost Rs. 7,86,500, which rose by Rs. 8,700.

Silver Prices in Chennai Today

1 kilogram of Chennai silver rates today jumped a massive Rs. 4000 per kg to retail at Rs. 1,04,000. Similarly, the cost of 100 grams of silver is Rs. 10,400 after rising by Rs. 400.

Chennai Gold Price Movement in the Last Five Days

Over the last five days the prices have been quite volatile with major gains and losses.

Spot Gold and Spot Silver Rates In The International Market

According to a recent Reuters report, the precious metals market is witnessing a positive recovery, mainly due to investor anticipation of upcoming US economic data. Spot gold rose by 0.4% to trade at USD 2,669.84 per ounce as of 02:48 GMT, while U.S. gold futures increased by 0.3%, reaching USD 2,692.50 per ounce. Similarly, spot silver gained 0.6%, climbing to USD 31.98 per ounce, reflecting growing demand and market optimism.

Key Factors Driving Gold's Rally

Gold prices continued their upward momentum on Tuesday, bolstered by several key factors that are influencing investor sentiment. Here are the major drivers behind the rally:

1. Gold prices were supported by China's pledge to ramp up policy stimulus aimed at boosting economic growth. As the world's top gold consumer, China's actions have positively impacted the precious metal's demand outlook, as Reuters reported.
2. The People's Bank of China resumed its gold purchases after a six-month pause, which helped gold prices hit a two-week high on Monday.
3. Geopolitical tensions arising in Syria are another major reason for gold's rally.
4. Market participants are now eyeing the U.S. inflation data for November, which is expected to provide critical insights into the Federal Reserve's future interest rate decisions.