Gold prices In Chennai Shines Today; Prices Surge Over Rs.1000/100g in 24k, 22k, and 18k on Jan 15

After experiencing a slight decline yesterday, gold prices in Chennai are once again on the upswing. Domestic prices are closely mirroring international trends, as the spot price of gold continues to rise, driven by multiple factors. Additionally, the movement in the U.S. dollar index and softer-than-expected economic data have played a role in driving up gold's appeal.

Gold Prices In Chennai Today

On 8th January 2025, The 22-carat gold price in Chennai cost Rs. 73,400, per 10 grams with a rise of Rs. 100. Similarly , the 24-carat gold prices in Chennai increased by Rs. 110, now retailing at Rs. 80,070 per 10 grams. Similarly, the cheaper variant of gold, the 18-carat gold rose by Rs. 150, to cost Rs. 60,550 per 10 grams.
The prices of higher weight quantities also jumped; the 22-carat gold price per 100 grams jumped by Rs. 1,000, reaching Rs. 7,34,000. In comparison, the 24-carat gold rates in Bangalore per 100 grams increased by Rs. 1,100, now standing at Rs. 80,070.

Silver Prices in Chennai Today

Silver rates in Chennai today jumped remarkably by Rs. 1000 per kg and currently stand at Rs.1,01,000. Similarly, the price for 100 grams of silver costs Rs. 10,100 after rising by Rs.100 .

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

One of Reuters latest reports suggested that the spot Gold prices dipped today as the market is closely watching inflation data, as it plays a key role in the Fed's decisions on rate hikes and its overall approach to combating inflation. By 03:00 GMT, spot gold had eased 0.1%, trading at USD 2,672.76 per ounce. Meanwhile, U.S. gold futures saw a modest uptick, gaining 0.3% to reach USD 2,689.70. This slight increase in futures prices contrasted with the downward movement in the physical gold market. In the silver market, spot silver dropped 0.3%, trading at $29.81 per ounce.

What is Causing the Gold and Silver Market Movement

The Indian market has experienced significant volatility recently, driven by a downward trend in the equity markets. As a result, investors are turning to gold as a safe-haven asset, boosting demand for the yellow metal. Previously, a lack of demand had pushed gold prices lower, but the renewed interest in gold is now driving prices higher.

The U.S. market is closely watching the upcoming Consumer Price Index (CPI) data, which will provide insights into inflation trends and impact the Federal Reserve's monetary policy decisions. The recent release of weaker-than-expected Producer Price Index (PPI) data has raised expectations of a more cautious approach by the Federal Reserve, which could further support gold prices.

Additional key economic data scheduled for release this week, including retail sales and jobless claims, will provide further clues on the overall health of the economy and likely influence the Fed's policy stance. This, in turn, could lead to additional price movements in both gold and silver.