Gold Rates Crash Today, 100 Grams Fall Rs 3,200; 24K, 22K, 18K Gold Prices In Chennai, Hyderabad, Bengaluru

Gold rates in India crashed sharply on December 2nd, after rallying during past four days. Among major cities, 100 grams gold price dropped by Rs 3,200 in 100 grams of 24 carat in Chennai, while 100 grams gold plunged by Rs 2,800 in Hyderabad and Bengaluru. Despite the latest fall, 18 carat gold price is above Rs 1 lakh per 10 grams in Chennai, highest compared to other cities. With that gold prices has pulled back from their six-week high. The latest trend hints at cautious tone after US PMI contracted for the nine consecutive month. In the global market, COMEX declined by more than 1%.

Gold Rates In India:

In India, the 10 grams gold price is currently at Rs 1,30,200 in 24 carat, at Rs 1,19,350 in 22 carat and at Rs 97,650 in 18 carat. The prices in these carats declined by Rs 210 to Rs 280 on December 2nd.

The price of cheapest gold in India is at Rs 13,020 per gram for 24 karat gold, Rs 11,935 per gram for 22 karat gold and at Rs 9,765 per gram for 18 karat gold (also called 999 gold).

In major cities, gold is still expensive in Chennai compared to other major metro cities like Bengaluru and Hyderabad of south.

Gold Rates In Chennai:

In this city, 10 grams gold price tumbled by Rs 320 to Rs 1,31,350 in 24 carat, down by Rs 300 to Rs 1,20,400 in 22 carat and lower by Rs 250 to Rs 1,00,400 in 18 carat.

Meanwhile, 100 grams gold price crashed massively by Rs 3,200 to Rs 13,13,500 in 24 carat, down by Rs 3,000 to Rs 12,04,000 in 22 carat, and was lower by Rs 2,500 to Rs 10,04,000 in 18 carat.

Gold Rates In Bengaluru:

Here is the movement in gold prices in Bengaluru:

10 Grams Gold Price:

- 24 carat declined by Rs 280 to Rs 1,30,200

- 22 carat plunged by Rs 250 to Rs 1,19,350

- 18 carat slipped by Rs 210 to Rs 97,650.

100 Grams Gold Price:

- 24 carat plummeted by Rs 2,800 to Rs 13,02,000

- 22 carat nosedived by Rs 2,500 to Rs 11,93,500

- 18 carat got cheaper by Rs 2,100 to Rs 9,76,500

Gold Rates In Hyderabad:

In Hyderabad, here's how the 10 grams and 100 grams gold price performed on December 2:

10 Grams Gold Price:

- 24 carat declined by Rs 280 to Rs 1,30,200

- 22 carat plunged by Rs 250 to Rs 1,19,350

- 18 carat slipped by Rs 210 to Rs 97,650.

100 Grams Gold Price:

- 24 carat plummeted by Rs 2,800 to Rs 13,02,000

- 22 carat nosedived by Rs 2,500 to Rs 11,93,500

- 18 carat got cheaper by Rs 2,100 to Rs 9,76,500

In simple words, gold prices are same in Bengaluru and Hyderabad. In these two cities, the cheapest gold price is of Rs 13,020 per gram for 24 karat gold, Rs 11,935 per gram for 22 karat gold and Rs 9,765 per gram for 18 karat gold (also called 999 gold).

What Is Impacting Gold Prices In India?

As per Kaynat Chainwala, AVP Commodity Research, Kotak Securities, the latest economic data added to the cautious tone, with the Institute for Supply Management reporting that U.S. manufacturing contracted for a ninth consecutive month as the PMI slipped to 48.2. Today, gold eased to $4,220 on profit-taking, while silver declined 2% to $57.2 as investors took a breather after the metal's accelerated six-day advance and awaited key US data releases later in the week.

Gold & Silver Prices Outlook:

According to Rahul Kalantri, VP Commodities, Mehta Equities, weak US economic data, a softer dollar index, and dovish Fed comments added pressure for policy easing. Continued contraction in the manufacturing sector also boosted rate-cut bets. Silver's technical setup has turned increasingly bullish, prompting traders to add long positions. Market participants are now awaiting the ADP jobs report and the delayed PCE data for further cues. Gold has support at $4165-4135 while resistance at $4260-4295. Silver has support at $56.40-55.85 while resistance is at $57.95-58.45. In INR gold has support at Rs1,29,650-1,28,850 while resistance at Rs1,31,450-1,32,100. Silver has support at Rs1,80,750-1,79,200 while resistance at Rs1,83,110, 1,84,300.

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