Gold Rates Today In South India, 17th July: Rally Continues Gently In Hyderabad & Chennai—Prices Near Rs 10k

Both Hyderabad and Chennai experienced a modest rise in gold prices today, showing strong market mood and consistent demand as renewed global trade worries kept the outlook firm. 24-carat gold now costs Rs 9,933 per gram after rising by Rs 5 in both cities. Safe-haven demand began to ease as trade tensions and recession fears dwindled, but buyers in southern India are still on the lookout for fluctuations as gold is still hovering just below the critical Rs 10,000 barrier for 24-carat purity.

Gold & Silver Price In Hyderabad & Chennai Today

The price of gold has slightly increased today, Thursday, July 17, in both Hyderabad and Chennai. 24-carat gold jumped by Rs 5 to Rs 9,933/g in Hyderabad, 22-carat gold climbed by Rs 5 to Rs 9,105/g, and 18-carat gold solidified by Rs 4 to Rs 7,450/g. Chennai followed the trend, with 18K remaining stable at Rs 7,500/g while 24K and 22K both went up by Rs 5 to reach Rs 9,933/g and Rs 9,105/g, respectively.

Both cities enjoyed a rise last week in mid-July, with 24K reaching over Rs 9,988 before reversing course and currently hovering just around Rs 9,930. Hyderabad has seen fluctuating but mostly steady gold prices during the last ten days. On July 14, 24K reached its highest price of Rs 9,988. By July 16, it had dropped to Rs 9,928 before rising to Rs 9,933 today. Likewise, 22K moved from Rs 9,020 to Rs 9,155 before leveling off at Rs 9,105 today.

Hyderabad's trend has been captured in Chennai's gold prices. From July 9 to July 14, 24K gold increased from Rs 9,818 to Rs 9,988; on July 16, it fell to Rs 9,928 before rising to Rs 9,933 today. Similar trends were seen in 22K, which peaked at about Rs 9,155 and is now trading at Rs 9,105.

At Rs 124 per gram and Rs 1,24,000 per kilogram, the price of silver remains stable currently in Chennai and Hyderabad.

MCX Gold Outlook Today

"On the technical front, MCX Gold remains in a broader neutral consolidation zone. Currently, it is trading near the 10- and 20-day EMA support levels. However, yesterday's candlestick indicates that some weakness may persist in the immediate session. Support is currently placed at 96,280, with resistance seen at 97,875-98,450," said Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading mix 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 are steady after a volatile session on Wednesday as traders assessed the outlook for Jerome Powell's tenure as Federal Reserve chair after more speculation that President Donald Trump may ax him," commented the research team of Nirmal Bang Securities.

Disclaimer

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