Gold Prices in Chennai Shine On Feb 20! 24K, 22K, 18K Prices Rise Sharply, Silver Tops Rs.1 Lakh

The gold rally continues in Chennai for the fourth time this week, driving 24 carat gold prices above Rs. 88,000. Other gold purities have also witnessed a surge as demand is soaring currently. The fears of a trade war in the US are playing a key role in pushing gold prices higher in Chennai and in other major cities in India.

Gold Rates in Chennai Today:

On Feb 20, carat gold rates in Chennai soared by Rs. 350 per 10 grams to cost Rs. 80,040 per 10 grams. The 24 carat gold rates also surged by Rs. 390 per 10 grams to cost Rs. 88,040. The cheaper variant, or the 18-carat gold, now costs Rs. 66,030, which surged by Rs. 290 per gram.

Silver Prices in Chennai Today

Silver prices in Chennai today observed no major momentum for the sixth 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 a recent Reuters report, spot gold rose 0.2% to $2,937.74 per ounce by 0235 GMT, staying close to it's all-time high of $2,946.85, recorded on Wednesday. Meanwhile, U.S. gold futures gained 0.7% to $2,955.90 per ounce. Spot silver also edged up 0.1% to $32.75 per ounce.

MCX Gold and Silver Futures Outlook

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on April 4, 2025, rose by 0.66% to trade at Rs. 86,477. Meanwhile, silver futures, with an expiry date of March 5, 2025, also jumped this morning by 0.71% at Rs. 97,089.

Expert Analysis of Gold and Silver Prices

According to the India Bullion and Jewelers Association, as featured in the Nirmal Bang securities report, "Gold held just below a new all-time high on Wednesday as a fresh round of tariff threats from US President Donald Trump, coupled with mounting geopolitical tension, underscored the metal's haven appeal even after a blistering rally. Bullion traded little changed near $2,935 an ounce after earlier hitting a fresh record high of $2,947.01. Late Tuesday, the US president pledged to impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25%. On the geopolitical front, tension escalated a day after senior officials from the US and Russia met for a first round of talks over the war in Ukraine, leaving Ukrainian President Volodymyr Zelenskiy isolated and compounding fears that a deal to resolve the war will be reached without Kyiv's involvement. Gold has hit successive records this year, after climbing by more than a quarter in 2024, as Trump's consistently disruptive trade and geopolitical agendas fan demand for the precious metal. That has augmented support for bullion that's come from concerted central-bank buying. Earlier this week, Goldman Sachs Group Inc. raised its year-end target for gold to $3,100 an ounce, saying that stronger-than-expected central bank buying would be a key driver. Should broader uncertainty over economic policy persist, including on tariffs, bullion could hit $3,300, it said."