Huge Rise In Gold Prices In Chennai On Feb 17; 24K Gold Jumps Rs.5,500/100g, While Silver Stays Steady

Gold prices in Chennai today experienced an increase due to a broader uptick in global gold prices. The yellow metal gained momentum on Monday as the U.S. dollar weakened. The rise in gold prices in chennai comes at a time when the market is awaiting further clarity on U.S. President Donald Trump's tariff plans which are causing trade uncertainties to grow, pushing gold prices higher.

Gold Prices in Chennai

On 17th February, 22-carat gold rates in Chennai jumped by Rs. 500 per 10 grams to cost Rs. 79,400, whereas the 24-carat gold prices in Chennai are now retailing at Rs. 86,620 per 10 grams, after surging by Rs. 550. Just like that, the 18-carat gold rate is now at Rs. 65,350, which gained Rs. 400 per 10 grams.

Silver Prices in Chennai Today

Silver prices in Chennai today observed no major momentum for the third consecutive day, and the price per kilogram costs Rs. 108,000, and 100 grams of white metal currently stand at Rs. 10,800.

Chennai Gold Rates Movement in the Last Five Days

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

Spot Gold and Silver Price Update

According to the latest data from Reuters, spot gold prices climbed 0.6% to USD 2,899.73 per ounce as of 03:13 GMT, reflecting strong investor demand. The yellow metal recently touched a record high of USD 2,942.70 per ounce on February 11. Meanwhile, U.S. gold futures registered a 0.4% increase, reaching USD 2,912.50 per ounce, indicating sustained bullish momentum in the precious metals market. Alongside gold, spot silver prices also saw an upward movement, rising 0.9% to USD 32.41 per ounce.

MCX Gold and Silver Futures Outlook

On the Multi Commodity Exchange (MCX), gold futures prices expected to mature on April 4, 2025, are trading higher at the start of the week by 0.52% at Rs. 85,125. Meanwhile, silver futures, with an expiry date of March 5, 2025, jumped by 0.03%, trading at Rs. 95,616.

According to the ICICI Direct Research Report, "MCX Gold April is expected to face the hurdle near Rs.85,400 and move lower towards the ₹84,000 level. Additionally, MCX Silver March is expected to trade in the band of Rs.94,500 and ₹96,600. Below Rs.94,500, it would turn weaker."

Expert Analysis of Gold and Silver Prices

According to the ICICI Direct Research Report, "Gold price is expected to move in a tight range of USD 2870 and USD 2910 in today's session amid a bank holiday in the US. In a broader picture, gains in the yellow metal could be capped amidst easing tariff concerns. It is also expected that the Trump administration is widely using tariffs as a negotiating tool. Further, the reciprocal tariffs could take weeks or even months to complete. Meanwhile, a drop of OI in the CFTC report also indicates long liquidation. • On the daily charts, spot gold has formed a bearish engulfing pattern, which could restrict its upside. Further, the addition of OI in OTM call strikes near 2925 suggests prices will face resistance near USD 2925.