Gold Prices In Chennai Take A Hit On Dec 2nd, All Purities See Decline; Check Latest Rates Now

Gold prices In Chennai Today slipped marking the first drop as December Begins. This dip in prices is due to the new found strength in the US dollar which is weighing upon yellow metal.

Gold Price In Chennai today:

On 2nd December 2024, 22-carat gold rate in Chennai dropped by Rs. 650 per 10 grams, now priced at Rs. 70,090. The 24-carat gold price in Chennai also fell by Rs. 600, settling at Rs. 77,350 per 10 grams. Similarly the 18-carat gold also decreased by Rs. 500 bringing the price to Rs. 58,600 per 10 grams.
In larger quantities, 24-carat gold per 100 grams saw an increase of Rs. 1,100, reaching Rs. 7,80,000, while 22-carat gold per 100 grams decreased by Rs. 1,000 to Rs. 7,15,000.

Silver Prices in Chennai Today

White metal rates in Chennai also observed a decline in price.Today 1 kg of silver in chennai costs Rs. 99,500 after dropping Rs. 500. Similarly, 100 grams of silver is also down by Rs. 50, which is now priced at Rs. 9950.

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 In The Global Market

Gold prices faced significant selling pressure on Monday, breaking a four-day rally as rising U.S. bond yields boosted demand for the dollar, weighing on the precious metal. Concerns over trade tensions and geopolitical uncertainties provided little support for gold's appeal as a safe haven. According to the latest Reuters report, spot gold dropped 0.7% to $2,636.38 per ounce as of 02:04 GMT. Spot silver mirrored this decline, falling 0.7% to $30.39 per ounce. U.S. gold futures also saw a downturn, sliding 0.8% to $2,658.80. The strengthened U.S. dollar and improved bond yields continue to influence the metal's performance in global markets.

Gold Price Forecast and Movements:

As December begins, gold prices in Chennai and other cities across India are expected to experience notable fluctuations. While domestic demand remains subdued for now, investors are closely watching the Reserve Bank of India's (RBI) monetary policy meeting scheduled for this week. The meeting is anticipated to provide insights into interest rate decisions, which could significantly influence the commodity market.
According to a recent report by FXStreet, gold prices slipped to USD 2,645 during the early Asian session on Monday. A strengthening U.S. dollar exerted pressure on the precious metal, contributing to the decline. However, ongoing geopolitical tensions may limit further downside for gold. The yellow metal faced a tough November, registering a 3% decline - its worst monthly performance since September 2023. This trend was partly influenced by renewed expectations of Federal Reserve rate adjustments, following Donald Trump's victory in the U.S. Presidential election last month. These developments continue to shape market sentiment as traders assess the evolving landscape.