Gold Prices in Chennai on Feb 27 Drop By Rs. 4,400 for 24K/100g; Check Latest Gold & Silver Rates

Gold prices in Chennai have fallen for the second straight day, with rates slipping by Rs. 7,000 per 100 grams over the past two days. The yellow metal started the week on a bullish note, but a stronger U.S. dollar and rising Treasury yields have led to a pullback from recent highs. Despite the decline, this dip in gold prices presents a buying opportunity, as experts anticipate a potential rebound in the near term.

Gold Rates in Chennai Today

On 27th February, 22 carat gold rates in Chennai fell by Rs. 400 per 10 grams to cost Rs. 80,100 per 10 grams. The 24 carat gold rates also declined by Rs. 440 per 10 grams to cost Rs. 87,380. The cheaper variant, or the 18 carat gold, now costs Rs. 65,900, which decreased by Rs. 300 per 10 grams.

Silver Prices in Chennai Today

Silver prices in Chennai today remained stable after experiencing a drop of Rs. 2000, and the price per kilogram costs Rs. 106,000, and 100 grams of white metal currently stand at Rs. 10,600.

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 & Silver Price Update

As per Reuters latest report, "International gold prices edged lower on Thursday. As of 0426 GMT, spot gold slipped 0.4% to $2,905.64 per ounce, while U.S. gold futures also declined 0.4%, trading at $2,918.20 per ounce. Meanwhile, spot silver retreated 0.4%, settling at $31.71 per ounce."

The report further explained, "The benchmark 10-year U.S. Treasury yields rebounded, diminishing the appeal of non-yielding assets like gold. Investors are now looking ahead to the release of the Personal Consumption Expenditures (PCE) index on Friday, the Federal Reserve's preferred inflation measure, for further clarity on the Fed's interest rate path."

MCX Gold and Silver Futures Outlook

Gold futures on the Multi Commodity Exchange (MCX), set to mature on April 4, 2025, saw a slight decline, trading at ₹85,619 after slipping 0.04%. In contrast, silver futures, expiring on March 5, 2025, registered a modest gain, rising by 0.04% to ₹93,889 during the trading session.
According to the ICICI Direct Daily Commodity Report, "MCX Gold April is expected to hold the support at Rs. 85,000 and move towards the Rs. 86,400 level. Only below Rs.85,000 would it turn weaker. MCX Silver May is expected to face resistance near ₹97,200 and move lower towards ₹95,200."

Gold Price Analysis and Outlook

According to the ICICI Direct Daily Commodity Report, "Gold is expected to consolidate in the band of $2880 and $2950 in the near term. Increasing safe haven demand amid tariff concerns would provide support to bullions. Further, a forecast of moderation in US GDP numbers would increase the chances of 2 rate cuts by the Fed. Moreover, increasing ETF holdings and central bank buying would support prices to trade above $2880 per ounce. Meanwhile, focus will remain on the comments from Fed members. Gold price is likely to hold the key support of the 20-day EMA at $2880 and move towards $2950. A higher call base at 2950 strike would act as a key hurdle. Spot silver is expected to face the hurdle of a 20-day EMA at $32.00 and move lower towards $31.00."