Gold Rate In Chennai & Hyderabad Today: 22/24K of 100 Gms Gold Jumps Over Rs 2,000; 1 Kg Silver Rally Rs 100

The domestic gold and silver markets saw a surge on Thursday, March 20, after the Fed's decision to leave interest rates steady at its second meeting of the year. Following the Federal Reserve's decision to hold interest rates constant, gold prices on the global market continued to hover over $3,050 per ounce. Gold prices received strength due to demand for safe-haven assets amid heightened geopolitical tensions, such as Israel's fatal strike on Gaza and growing US trade difficulties, notably steel and aluminium tariffs. Today's attention will be on the US weekly jobless claims and the UK interest rate decision, which will further influence the direction of bullion.

Gold Price In Chennai & Hyderabad Today

Today, 24 carat gold costs Rs 9,066 per gramme, 22 carat gold costs Rs 8,310 per gramme, and 18 carat gold costs Rs 6,799 per gramme in Hyderabad and Chennai. While the price of 22k of 100 gms of gold in the cities would cost Rs 8,31,000 compared to Rs 8,29,000 yesterday, reflecting a price increase of Rs 2,000, the price of 22k of 10 grams of gold in Hyderabad and Chennai on Thursday reached Rs 83,100 compared to Rs 82,900 on Wednesday, showing a price leap of Rs 200.

While 24k of 100 gms of gold would cost Rs 9,06,600 in the cities today compared to Rs 9,04,400, reflecting a price spike of Rs 2,200, 24k of 10 grams of gold prices in Chennai and Hyderabad hit Rs 90,660 on Thursday compared to Rs 90,440 on Wednesday, showing a price jump of Rs 220. While 18k of 100 grams of gold will cost Rs 6,79,910 in the cities today compared to Rs 6,78,300 yesterday, indicating a price increase of Rs 1,610, 18k of 10 grams of gold prices in Chennai and Hyderabad reached Rs 67,991 on Thursday compared to Rs 67,830 on Wednesday, representing a price jump of Rs 161.

Silver currently costs Rs 114.10 per gramme and Rs 1,14,100 per kilogramme in Hyderabad and Chennai. In the cities, the price of one kilogram of silver went up by Rs 100 from Rs 1,14,000 on Wednesday to Rs 1,14,100 on Thursday.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to be in a strong uptrend on the daily charts. Moving averages and momentum oscillators indicate strong momentum. In yesterday's trading session, we saw some weakness building on the intraday charts (15 mins, 30 mins, & 1 hour). The overall trend is bullish, but some correction to fill the gap created on March 18th cannot be ruled out. However, it should act as a buying opportunity for intraday traders. On the daily chart, support is placed at 88,260/88,160. On the upside, MCX gold will attempt to touch 89,350/89,500/90,000 levels in the coming trading sessions," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly higher 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 hit another record high after the Federal Reserve projected slower US growth and higher inflation this year, while keeping interest rates unchanged," as per the analysis 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.