Gold Rates in Chennai Spike Across All Purities; 24k Crosses Rs.88,000 Mark; Today's Gold Rates Inside

Gold rates in Chennai witnessed another sharp rise today, marking the fifth increase this week. After a brief dip yesterday that provided relief to buyers, the renewed price hike has once again slowed consumer demand. In 2025 alone, gold prices have surged by 11.5%, setting two record highs this week and crossing $2,950 per ounce. Rising global economic uncertainties and political instability continue to drive strong investor demand for bullion, pushing prices to unprecedented levels.

Gold Rates in Chennai Today

On Feb 22,Saturday, 22 carat gold rates in Chennai soared by Rs. 350 per 10 grams to cost Rs. 80,040 per 10 grams. The 24-carat gold rates also surged by Rs. 390 per 10 grams to cost Rs. 88,040. The cheaper variant, or the 18-carat gold, now costs Rs. 66,030, which surged by Rs. 290 per gram.

Silver Prices in Chennai Today

Silver prices in Chennai today dropped massively by Rs.900 per kilogram of silver, and the price per kilogram costs Rs. 1,07,000, and 100 grams of white metal currently stand at Rs. 10,700 which dropped by Rs.90.

Chennai Gold Rates Movement in the Last Five Days

Over the last five days, the gold prices in Chennai have been quite volatile with major gains and losses.

Spot Gold and Silver Price Update

According to a recent Reuters report, "Spot gold and silver prices witnessed significant movement, with gold holding its bullish momentum despite a minor decline. According to Reuters, spot gold slipped 0.1% to $2,939.63 per ounce as of 02:24 a.m. ET (19:24 GMT). Despite this slight dip, gold has surged by approximately 1.9% this week, hitting an all-time high of $2,954.69 on Thursday. Meanwhile, US gold futures settled 0.1% lower at $2,953.20 per ounce."

MCX Gold and Silver Futures Outlook

Gold futures, set to mature on April 4, 2025, on the Multi Commodity Exchange (MCX), ended Friday's session at ₹8,620. Meanwhile, silver futures, expiring on March 5, 2025, edged down by 0.05%, closing at ₹96,156.

Expert Analysis of Gold and Silver Prices

According to the ICICI Direct Daily Commodity Report, "Gold is expected to hold the key support near USD 2925 and move higher towards USD 2960 amid increasing safe haven demand. Meanwhile, weakness in US Treasury yields would also provide support to the bullion. Escalating trade tension would further increase the flows into ETFs and increase investment demand. Meanwhile, focus will remain on key economic numbers from the US, which could bring further volatility in price. Gold price is likely to hold the key support near USD 2925 and move towards USD 2960. Unwinding of OI at ATM calls indicates an upward movement. Higher concentration of OI in the 2950 call strike could provide some resistance, but a move above USD 2950 could bring a short covering rally."