Gold Rate in Chennai Today: 24, 22, 18 K Prices Jump Again, Hurting Buyers' Pocket: Should You Buy?

Gold Rate Today in Chennai: The price of gold in Chennai increased again on Friday after a brief consolidation last week amid geopolitical uncertainty. As the gold price rally is back hurting buyers' pocket, experts are indicating that the bullion may create fresh records in the coming days.

Gold Rate in Chennai Today

The price for gold in Chennai on Friday increased as high as Rs 2020 per 10 gram for 24 karat gold. Likewise, there was Rs 1850 per 10 gram surge in price of 22 karat gold. Due to the price surge, 24 karat gold in Chennai was priced at Rs 95400 per 10 gram on Friday. The price of 22 karat and 18 karat gold was fixed at Rs 87450 and Rs 72450 per 10 gram respectively.

There has been a continuous increase in gold price in India over the past four days amid geopolitical uncertainty and stock market volatility. The gold price rally was preceded by a mild consolidation in the price of the precious metal.

Gold Price in India Today

Gold price in India increased to Rs 9540 per gram for 24 karat gold, Rs 8745 per gram for 22 karat gold and Rs 7155 per gram for 18 karat gold. 18 Karat gold is also known as 999 gold. The resurgence of gold price rally coincided with multiple developments related to the United States President Donald Trump's trade tariffs announcement.

Days after announcing multiple tariffs on more than 108 countries across the world, Donald Trump on Wednesday paused the implementation of tariffs for ninety days. However, China was kept as exception, where the announced tariffs of more than 100% will come into effect as announced.

Gold Prices Are Rising: Should Investors Buy?

Gold price rally is unlikely to cease in the coming days and the price for the yellow metal may touch one lakh mark soon, hinted experts. Given the prospects of sustained gold price rise in coming days, buyers are in relatively better position now.

"Given the current setup, we expect the US Fed to cut rates to support growth and prevent any slowdown in the economy. A lower interest rate regime globally as well as domestically will support gold prices. We reiterate our view on gold prices to touch Rs 1 lakh/10 gm domestically, and $3100/oz globally," noted Colin Shah, MD, Kama Jewelry underlining strong domestic economic indicators.

Despite Trump's U-turn on tariffs, the risk of trade conflict between US and China still looms across the world. Hence, investors are likely to continue betting big on gold, fuelling its safe-haven rally. Investment in gold provides safety to investors from stock market volatility.

"Gold climbed to a fresh record high above $3200 after a brief consolidation last week, as investors sought safety amid ongoing market volatility and trade tensions. Despite President Trump announcing a 90-day pause on reciprocal tariffs, uncertainty lingered with overall tariffs on Chinese imports now totaling at least 145%, including a 125% base rate and additional retaliatory levies. The pace of escalation between US and China is much higher and faster than in President Trump's 2016 era, if a negotiation doesn't happen soon it could give rise to further uncertainties in market," noted Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd on Friday.