Silver & Gold Rates Today Soar Again in Chennai, Bangalore, Hyderabad; Check 24K, 22K, 18K Prices, July 3

Over the past three days, gold prices have been rising steadily, as more and more buyers rushed to purchase the yellow metal after gold rates saw a sharp decline in the last week of June. During that dip, 24-carat gold prices fell by over Rs. 32,000 per 100 grams, creating strong retail demand for both gold and silver, which is contributing to the current gold price rally seen across major Indian cities.

Why Are Gold Rates Rising Again?

This surge in gold prices is mainly because of the global market sentiment, as traders are now awaiting the payroll data, which will impact the Fed's interest rate decision later this month. Spot gold is currently hovering near USD 3,300 per ounce.

City-Wise Gold and Silver Rates on July 3rd

Bangalore Gold and Silver Prices

Gold rates in Bangalore today jumped for the third consecutive day, so 24-carat gold now costs Rs. 99,300 per 10 grams after rising Rs. 440, while 22-carat is retailing at Rs. 91,050 after adding Rs. 400 per 10 grams. Meanwhile, the 8-carat gold rate in Bangalore jumped by Rs. 330 per 10 grams to cost Rs. 74,500.

The silver rate in Bangalore today also jumped by Rs 1,000 per kg and now costs Rs 1,11,000, while per 100 grams it costs Rs 11,000, which jumped by Rs 100.

Chennai Gold and Silver Prices

On 3rd July, the 22-carat gold rate in Chennai surged by Rs. 400 to Rs. 91,50, and the 24-carat gold price jumped by Rs. 440 to Rs. 99,330 per 10 grams.

Silver prices in Chennai today also surged by Rs. 1000 per 1 kg, which is currently priced at Rs. 1,21,000, while 100 grams of silver costs Rs. 12,100.

Hyderabad Gold and Silver Prices

Hyderabad gold prices mirrored the movement seen in Chennai. Early in the day, 24-carat gold rose by Rs. 440 to Rs. 99,330 per 10 grams, and 22-carat gold jumped by Rs. Rs.400 to Rs. 91,050 The 18-carat gold rate also surged by Rs. 330 standing at Rs. 74.500 per 10 grams.

Silver prices in Hyderabad today are priced at Rs. 121,000 after rising by Rs. 1000 per kg, and 100 grams of silver is retailing at Rs. 12,100.

Analysts on Gold Price Trends and Targets

As per Nirmal Bang Securities, investors may see a pullback in gold prices. "Buy at Rs 97,250 with a stop loss of Rs 96,950 for a target of Rs 97,600 to Rs 97,850," the firm advised.

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange, Gold August Futures jumped by 0.26% to Rs 97,640 per 10 grams. While the Silver September Futures rose today by 0.69% to Rs 1,08,257 per kg.

According to ICICI Securities, "MCX Gold Aug is expected to slip towards the Rs. 96,600 level as long as it stays below the Rs. 97,800 level. While MCX Silver Sep is expected to rise towards the Rs. 108,500 level as long as it trades above the Rs. 106,000 level."

Global Gold and Silver Spot Rates

As per Reuters, "Spot gold held steady at USD 3,357.96 per ounce as of 0601 GMT, while U.S. gold futures edged up 0.2% to USD 3,369.10. Spot silver edged up 0.2% to USD 36.66 per ounce."

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