Gold Prices In Chennai Today Hit Sky-High Levels: Major Surge In 24K, 22K,18K Gold Rates; Check Latest Prices

Gold Prices In Chennai Today surged massively as the market sentiments are now shifting towards the safe haven assets in the wake of downturn in the equity markets. As the uncertainty is increasing, investors are looking for secure investment options, and gold remains a preferred choice. Gold rates in Chennai have been rising for three consecutive days this week, and the trend indicates the potential for further gains in the coming days.

Gold Prices in Chennai

On 19th February, 22-carat gold rates in Chennai jumped by Rs. 650 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

As per the latest report from Reuters, "The spot prices of gold slipped by about 0.2%, trading at USD 2,928.52 per ounce as of 03:38 GMT on 19th February. Meanwhile, U.S. gold futures edged down 0.1% to $2,945.90. Spot silver also moved lower, slipping 0.9% to USD 32.57 per ounce."

MCX Gold and Silver Futures Outlook

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on April 4, 2025, jumped by 0.11% to trade at Rs. 84,660. Meanwhile, silver futures, with an expiry date of March 5, 2025, also slipped this morning by 0.29% at Rs. 95,684.

According to the ICICI Direct Research Report, "Gold price is hovering near its all-time high at $2942. A move above could open the doors towards $2970. Higher concentration of OI in the 2950 call strike could provide some resistance, but a move above $2950 could bring a short covering rally. MCX Gold April is expected to hold the support of ₹85,500 and move towards the ₹86,600 level. Spot silver is expected to rise towards $33.00, as long as it trades above $32. MCX Silver March is expected to rise towards ₹98,200, as long as it holds above ₹95,600."

Expert Analysis of Gold and Silver Prices

According to a commodity research report from Way to Wealth, "International gold prices rose above $2,930 per ounce on Tuesday, extending gains for a second session and nearing last week's record high of $2,940 amid safe-haven demand driven by U.S. tariff uncertainty. From a technical perspective, MCX Gold closed above the crucial 86000 mark with the formation of a bullish candle on the daily chart. The commodity established a base around the 84500-85000 levels and witnessed strong lower-level buying, signaling a continuation of the uptrend, with prices likely to advance toward the 86500/86800 levels. On the downside, support for MCX Gold is observed at 85700/85400 levels, and a breakdown below 84400 could trigger profit booking, leading to a decline toward 85000/84750 levels. Traders are advised to maintain tight stop losses, as the commodity is trading.