Gold Rates In Chennai On Jan 21 Remain Steady After Big Rs.1,500 Jump Yesterday; Silver Flatlined

Gold prices in Chennai paused their upward movement from the previous session as market attention shifted to U.S. President Donald Trump's inauguration. The U.S. dollar index experienced a slight decline, lending support to spot gold prices.

Looking ahead, the coming week will be pivotal as investors closely monitor the potential impact of Trump's tariff policies on global financial markets. These policies are expected to shape market dynamics, influencing both currency trends and the appeal of gold as a safe-haven asset.

Gold Prices in Chennai Today

On 21st January, 10 grams of 22-carat gold in Chennai stood at Rs. 74,300, while the 24-carat gold held stable at Rs. 81,230. Likewise, the 18-carat gold rates maintained stability at Rs. 61,000.

For people looking for bulkier quantities, 100 grams of 24-carat gold today retails at Rs. 8,12,300, and the 22-carat gold per 100 grams is now priced at Rs. 7,43,000.

Silver Prices in Chennai Today

Silver Prices In Chennai, prices have remained constant from the past four trading sessions despite a lot of volatility seen in the gold prices. Currently, 1 kg of white metal in Chennai now costs Rs. 1,04,000, and 100 grams of white metal currently stands at Rs. 10,400 showing no major changes.

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 Silver Rates Update

According to a recent Reuters report, spot gold rose by 0.6% to $2,724.74 per ounce as of 0240 GMT, while U.S. gold futures dipped slightly by 0.2% to $2,742.50 per ounce. Spot silver also saw a modest gain of 0.4%, reaching $30.61 per ounce.

The U.S. dollar weakened by approximately 1%, providing a boost to gold prices, which recorded their second consecutive session of gains on Tuesday. Market participants are closely assessing the potential impact of U.S. President Donald Trump's policies in his second term following his inauguration. The uncertainty surrounding these policies has added to the cautious sentiment in global markets.

Gold and Silver Prices: Market Insight

According to a commodity report from ICICI Direct Research, "Spot gold is likely to rise further towards the $2730 level amid weakness in the dollar and softening of US treasury yields. Yields slipped as US President Donald Trump did not impose tariffs on his first day in office, signaling a gradual approach to policies and reducing the concerns over rising inflation. Trump said he was thinking of imposing 25% tariffs on imports from Canada and Mexico, though details were lacking. Additionally, a lack of solid tariff measures turned investors a little more dovish on the US rate outlook. Spot gold is likely to rise towards the $2730 level as long as it trades above the $2690 level. A break above the $2730 level may see prices rise further towards the $2750 level. MCX Gold February is expected to rise back towards the ₹79,200 level as long as it stays above the ₹78,300 level. Spot Silver is likely to rise further towards $31.0 as long as it trades above the $30.20 level. MCX Silver March is expected to rise towards the ₹93,000 level as long as it trades above the ₹90,500 level.