Gold Rate In Chennai & Hyderabad Today, 17th March: 22-24K/100 Gms Gold Falls Over Rs 1,000; Silver Dips Too

On Monday, March 17, the domestic market saw a modest decline in gold rates owing to mounting trade concerns, following last week's record-breaking burst of gold through the crucial $3,000 level. The two main events that will influence bullion market sentiment for investors looking for safe-haven assets amid developing tariff tensions and expanding wagers on Federal Reserve rate cuts are the Federal Reserve's scheduled meeting on March 18-19 to discuss interest rate policy and the release of US retail sales data today.

Gold/Silver Rate In Chennai & Hyderabad Today

Today, 24-carat gold costs Rs 8,956 per gramme, 22-carat gold costs Rs 8,210 per gramme, and 18-carat gold costs Rs 6,718 per gramme in Hyderabad and Chennai. The price of 22k of 10 grammes of gold in Hyderabad and Chennai on Monday was Rs 82,100, down from Rs 82,200 earlier, while the price of 22k of 100 grammes of gold in the cities today is Rs 8,21,000, down by Rs 1,000 from Rs 8,22,000 on Saturday.

While 24k of 100 grammes of gold would cost Rs 8,95,600 in the cities today compared to Rs 8,96,700 yesterday, signifying a price decline of Rs 1,100, 24k of 10 grammes of gold prices in Hyderabad and Chennai reached Rs 89,560 on Monday compared to Rs 89,670 on Saturday.

In Hyderabad and Chennai, the price of 18k of 10 grams of gold dropped by Rs 80 to Rs 67,180 on Monday from Rs 67,260 on Saturday. In the same way, the price of 18k of 100 grams of gold dropped by Rs 800 to Rs 6,71,800 in the cities today from Rs 6,72,600 earlier.

Silver currently costs Rs 111.90 per gramme and Rs 1,11,900 per kilogramme in Hyderabad and Chennai. While one kilogramme of silver will cost Rs 1,11,900 in Hyderabad and Chennai on Monday instead of Rs 1,12,000 earlier, which represents a price decrease of Rs 100, 100 grams of silver will cost Rs 11,190 on Monday compared to Rs 11,200 on Saturday.

MCX Silver Outlook Today

"On the technical front, on the weekly chart, MCX silver has seen a strong breakout, with the price closing above its all-time high on a weekly closing basis. MCX silver is moving above all the key short-term and long-term moving averages. Moving averages are sloping upwards, with MACD trending higher and above the zero line, indicating positive momentum for MCX silver to continue in the near term. Currently, buyers are in complete control of the price. However, on the daily chart, we can see some resistance around 1,01,999. This is clearly evident in the price action, where MCX Silver opened at 1,01,999 and was completely sold off intraday to close slightly above the intra-day low. The current consolidation/pullback of the price on the daily chart should be considered a very good opportunity for traders. Currently, MCX silver enjoys strong support around the 98700/97700 levels. It is advisable for traders to buy MCX silver around support levels, with a target of 1,02,000/1,05,000, within a 7 to 14-day time horizon," said Abhishek Pelu - Research Analyst at Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices edged higher after rising through $3,000 an ounce on Friday, with investors weighing news the US government managed to avert a shutdown against persistent economic growth concerns," Nirmal Bang Securities highlighted.

Will the Fed Fuel Further Rally in Gold? Markets Eye March Policy Meet

"Gold prices rose to an all-time high last week breaking though the key $3,000 level with the safe haven supported by President Donald Trump's fresh tariff threats, while soft U.S. inflation prints further aided sentiment. This supported silver as well, which marked an all time high on domestic front, breaching Rs. 1 lakh. Escalating trade tensions and economic indicators led to a more than 3% rally in both Gold and Silver last week President Donald Trump threatened 200% tariffs on European alcoholic beverages, including wines and champagnes, in retaliation to the European Union's decision to impose a 50% levy on American whiskey. The EU's move was a response to Trump's recent 25% tariffs on imported steel and aluminum. On data front both the CPI and PPI indicated weaker-than-expected inflationary pressures, reinforcing expectations of potential interest rate cuts by the Federal Reserve later this year. The Federal Reserve is scheduled to meet on March 18-19 to deliberate on interest rate policy. Focus today will be on US retail sales data," commented Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.

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.