Huge Rise In Today’s Gold Rate In Chennai; 22K Gold Surges by Rs.10,500 per 100g; Silver Prices Fall

Gold prices in Chennai underwent a massive surge today because of the renewed market concerns over trade tensions with the US. Yesterday, gold prices in Chennai had sharply declined following the Union Budget 2025 announcements in India. However, today's rebound can be attributed to the US's planned tariffs on Canada, Mexico, and China, which have sparked renewed demand for the safe-haven appeal of gold.

Today's Gold Rate in Chennai

As of today, 22-carat gold rates in Chennai spiked by Rs. 1,050 per 10 grams to cost Rs. 78,100, whereas the 24-carat gold prices in Chennai are now retailing at Rs. 85,200 per 10 grams, which jumped by Rs. 1,150. Just like that, the 18-carat gold rate is now at Rs. 64,550, which rose Rs. 860 per 10 grams.

For people looking for bulkier quantities, 100 grams of 22-carat gold is now retailing at Rs. 781,000 after surging by Rs. 11,500, whereas the 24-carat gold is now at Rs. 8,52,000 which rose by Rs. 10,500 per 100 grams.

Silver Prices in Chennai Today

Silver prices in Chennai today slipped by Rs. 1,000 per kilogram to cost Rs. 106,000, and 100 grams of white metal currently stand at Rs. 10,700 after falling Rs. 100.

Chennai Gold Prices 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 Reuters, spot gold experienced a rise of 0.8%, reaching USD 2,818.99 per ounce by 1:45 p.m. ET (18:45 GMT). Earlier in the session, it had touched a record high of USD 2,830.49, due to strong demand for the precious metal. U.S. gold futures followed suit, settling 0.8% higher at USD 2,857.10, also benefiting from the positive sentiment surrounding gold prices. Meanwhile, spot silver also saw a 0.8% increase, rising to $31.56 per ounce.

MCX Gold and Silver Futures Outlook

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on February 5, 2025, are trading lower by 0.20% at Rs. 83,120. However, silver futures, with an expiry date of March 5, 2025, are experiencing a decline this morning of 0.16% at Rs. 94,105.

MCX Gold April is expected to rise back towards the ₹84,000 level as long as it stays above the ₹82,700 level. Only a move below the Rs.82,700 level may cause prices to slip sharply towards the Rs.82,000 level. Meanwhile, MCX Silver March is expected to find its support near Rs.93,000 and rally towards Rs.95,000 level. On the contrary, if prices break above the ₹93,000 level.

Market Outlook for Gold and Silver Prices

Analysts at ICICI Direct Research stated that "Gold is likely to trade with a positive bias amid safe haven buying. Trade war concerns have sparked the demand for safe assets, and it is expected to support the bullions to make new highs. Further, increasing premiums in the futures market indicates a high risk premium. On Monday, the premium on COMEX futures over spot has widened again to $40. Meanwhile, demand in the Asian markets remains muted amid higher prices. Spot gold is expected to hold the support of $2770 and move higher towards $2840. Closure of OI in OTM call strikes indicates short covering, which might push prices further higher."