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Gold Prices In Chennai Soar Across All Purities: Major Surge in 24K, 22K, 18K Yellow Metal, Silver Steady
Gold prices in Chennai surged again today, marking the third consecutive increase this week. This ongoing upward trend reflects the current bull market in precious metals. The rally is being driven by global economic uncertainties, particularly the trade tensions between the US, Mexico, and China, which have heightened demand for gold as a safe-haven asset. Investors are closely monitoring upcoming US employment data, anticipating that it could provide further insights into the direction of gold prices in the near future.
Gold Rates in Chennai
As of 6th February 2025, 24-carat gold rates in Chennai jumped by Rs. 270 per 10 grams to cost Rs. 86,510. While the 22-carat gold rates spiked by Rs. 250 to retail at Rs. 79,300 per 10 grams. The cheaper variant, 18-carat gold rates in Chennai rose by Rs. 150 to cost Rs. 65,500 per 10 grams.
In a similar line, the 100 grams of 22-carat gold rallied Rs. 2500 to stand at Rs. 793,000. While the 24-carat gold per 100 grams spiked to Rs. 2,700, which is now retailing at Rs. 865,100.
Silver Prices in Chennai Today
Silver prices in Chennai today spiked by Rs. 1,000 per kilogram to cost Rs. 107,000, and 100 grams of white metal currently stand at Rs. 10,700 after rising by Rs. 100.
Chennai Gold Rates Movement in the Last Five Days
Over the last five days, the prices have been quite volatile with major gains and losses.
| Dates | 24-carat/10g | 22 carat/10g |
|---|---|---|
| 5th february | Rs. 86,240 | Rs. 79,300 |
| 4th february | Rs. 85,200 | Rs. 78,100 |
| 3rd february | Rs. 84,050 | Rs. 77,050 |
| 2nd february | Rs. 84,490 | Rs. 77,450 |
| 1st February | Rs. 84,490 | Rs. 77,450 |
Spot Gold and Silver Price Update
As per Reuters, spot gold remained steady at $2,870.16 per ounce by 0306 GMT, after reaching a record high of $2,882.16 in the previous session. U.S. gold futures declined by 0.2%, trading at $2,888.30. Meanwhile, spot silver saw a slight dip of 0.2%, settling at $32.26 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.
Analysts at ICICI Direct Research said that "MCX Gold April is expected to march towards the ₹85,000 level as long as it stays above the ₹83,900 level. Only a move below the ₹83,900 level prices may slip towards the ₹83,400 level. • MCX Silver March is expected to hold its gains and move towards ₹96,600. Above the ₹96,600 level, it would open the doors towards ₹98,000. On the downside, immediate support exists near the ₹95,000 level."
Expert Analysis of Gold and Silver Prices
According to the ICICI Direct Research Report, "Gold is likely to hold its ground and extend its gains amid safe haven buying. Heightened trade war uncertainties are likely to push prices higher. Further, rising prices in the physical market indicate increasing investor demand. Further, a rate cut from the BOE for the 2nd time would also provide support to the yellow metal. Moreover, the expectation of a rise in weekly unemployment claims data could weigh on the dollar and support the bullion to scale new highs. Spot gold is expected to hold the support of $2850 and move higher towards $2900. Meanwhile, a higher call base near the 2900 strike could act as key resistance for price."
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