Gold Rate Hit Record High In Chennai Today: 24/10 Gms At Rs 97,310, 22K Will Cost Rs 89,200; Silver Flat

On Thursday, April 17, amid fresh concerns about tariffs, gold prices in the domestic market reached yet another record high, maintaining their impressive gains. Comex Gold broke the record level of $3,350, while MCX Gold reached historic highs of almost Rs 95,800, indicating robust demand for safe haven investments. Bullion saw a record-high surge on the easing of US Treasury rates and safe-haven buying in reaction to rising trade tensions worldwide. Following Trump's unpredictable actions, gold prices are predicted to rise further amid escalating US-China trade tensions as well as falling demand for the USD and Treasuries due to concerns about an economic downturn.

Gold Price In Chennai Today

Today, 24 carat gold costs Rs 9,731 per gram, 22 carat gold costs Rs 8,920 per gram, and 18 carat gold costs Rs 7,390 per gram in Chennai. The price of 22k of 10 gms of gold in Chennai climbed by Rs 1,050 to Rs 89,200 on Thursday from Rs 88,150 on Wednesday. In contrast, the gold price in Chennai is Rs 8,92,000 for 22k of 100 gms today, up from Rs 8,81,500 yesterday, which represents a costlier rate of Rs 10,500.

For 24k of 10 grams, the price of gold in Chennai is Rs 97,310 on Thursday, up from Rs 96,170 on Wednesday, which represents a higher rate of Rs 1,140. Meanwhile, the price of gold in Chennai today is Rs 9,73,100, up from Rs 9,61,700 yesterday, marking a spike of Rs 11,400.

The gold rate in Chennai is Rs 73,900 on Thursday for 18k of 10 grams compared to Rs 72,600 on Wednesday. Similarly, 18k of 100 grams of gold price in Chennai today stood at Rs 7,39,000, rising by Rs 13,000 from yesterday's price of Rs 7,26,000.

The price of silver in Chennai was steady today at Rs 110 per gram and Rs 1,10,000 per kilogram.

MCX Gold Outlook Today

"Gold prices hit a record $3,310/oz on Wednesday, driven by rising US-China trade tensions and weak demand for the dollar and Treasuries. A new US probe into tariffs on critical minerals expanded the scope of the trade war. Meanwhile, dovish central bank outlooks and softer global inflation boosted gold's safe-haven appeal.. On the technical front, MCX Gold has been on a strong run, with all key technical indicators remaining bullish. In yesterday's trading session, it formed a bullish Marubozu candlestick pattern, indicating a likely continuation of bullish momentum. However, the current setup does not offer a favorable risk-reward ratio for Bullish Trades. Support is now placed at 94,850 and 93,750 and resistance at 97000/97500," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect gold prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices hit another all-time high as warnings from Federal Reserve Chief Jerome Powell about the impact of the trade war fueled volatility on Wall Street, leading to sharp declines in stocks and the dollar," as per the report of Nirmal Bang Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.