Today’s Gold Rate In Chennai, Tamil Nadu On Feb 28: 22K/100G Declines By Rs. 5000; Silver Joins The Fall

Gold prices in Chennai are on track for their third straight weekly decline after recently touching record highs. The yellow metal has fallen 1% this week, following a streak of consecutive gains in the bullion market.

Currently, gold rates in Chennai and the rest of India are being influenced by global factors, including U.S. President Donald Trump's announcement on Thursday that his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4

Gold Rates in Chennai Today

As of Friday, 28th February, 22 carat gold rates in Chennai crashed by Rs. 500 per 10 grams to cost Rs. 79,600 per 10 grams. The 24-carat gold rates also declined by Rs. 540 per 10 grams to cost Rs. 86,840. Likewise, the 18 carat gold that also slipped by Rs. 400 now costs Rs. 65,500.

Silver Prices in Chennai Today

Silver prices in Chennai today dropped by Rs. 1000, and the price per kilogram costs Rs. 1,05,000, and 100 grams of white metal currently stand at Rs. 10,500, which slipped by Rs. 100 per 100 grams.

Chennai Gold Rates Movement in the Last Five Days

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

Spot Gold Price & Spot Silver Price Update:

Spot gold edged down 0.1% to $2,874.69 per ounce as of 0232 GMT, while U.S. gold futures fell 0.3% to $2,886.80, according to a Reuters report. Meanwhile, spot silver gained 0.4% to $31.37 per ounce.

The report further explained, "Gold prices declined on Friday as the stronger U.S. dollar weighed on the metal. Investors are now awaiting key U.S. inflation data for insights into the Federal Reserve's monetary policy outlook. So far this week, bullion has dropped 2%, marking its first weekly decline after eight consecutive weekly gains."

MCX Gold and Silver Futures Outlook

Gold futures on the Multi Commodity Exchange (MCX), set to mature on April 4, 2025, declined massively, trading at Rs. 84,630 after slipping 0.66%. A similar drop was seen in silver futures too, expiring on March 5, 2025, registering a sharp drop of 0.55% to Rs. 93,122 during the trading session.

Gold Price Analysis and Outlook

As per Nirmal Bang's securities report, "Gold dropped on Thursday as the dollar pushed higher after President Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place on March 4. Gold is on course for its first weekly decline since the end of December. Investors booked profits from a blistering rally that saw the metal gain more than 9% this year, with prices breaking record highs. Gold's recent run has been broadly supported by haven demand amid concern and confusion over Trump's plans for sweeping tariffs. Worries that gold could be included in Trump's tariffs on imported goods saw New York's Comex gold futures surge above their international benchmarks in recent months, sparking a global rush among traders and dealers to ship bullion to the US to capture the large premium. That dash has caused tightness in the physical market, with the one-month lease rate for bullion jumping to as high as about 5%, far above the usual level of close to zero. The rate reflects the return that holders of bullion in London's vaults can get by loaning their metal out on a short-term basis. It eased to below 0.5% on Thursday."